Qi Card
Qi Card

Qi Card—the national debit-card platform operated by International Smart Card (ISC)—has emerged as one of the Middle East's leading payments systems, handling approximately US $500 million (£367 million) in payments every day and processing over 1.3 million transactions a day.

Founded in 2007 as a public–private partnership between the Iraqi state-owned Rafidain and Rasheed banks and private fintech specialists, Qi Card's mission has always been clear: drive financial inclusion in a country where only 5% of the population was banked before its launch. Today, with more than 7 million cardholders, the country is transitioning to over 34% of its population holding banked accounts—a dramatic shift powered by Qi Card's penetration. These figures mark it as one of the fastest-growing national fintech platforms in the region.

Financial Inclusion and Governance Reform

Qi Card has been instrumental in promoting financial inclusion, a central policy of the Iraqi government and key international stakeholders. By facilitating biometric-verified salary and pension payments, the system is helping to curb corruption, money laundering, and illicit funding flows—including payments to armed actors. Its transparency and auditability make it a critical tool in governance reform efforts, with the platform praised by development agencies as a model for emerging economies.

A Founder Under Pressure — and Vindicated

At its helm is Bahaa Abdulhadi, a prominent business leader renowned for his financial vision. In 2020, he was arbitrarily detained, tortured, and charged with bogus corruption allegations by then–Prime Minister Mustafa Al​‑Kadhimi—charges later dismissed with the UN publicly confirming it as a case of wrongful detention. Many view the incident as an attempt by Kadhimi to seize control of Qi Card. Abdulhadi was fully reinstated as ISC chairman once the charges were dropped.

A Regional Tech Powerhouse with Expansion Potential

Under Abdulhadi's leadership, Qi Card has become one of the most technologically advanced payment platforms in the Middle East. Its smart-card system operates in offline mode, enabling reliable use even in areas with poor telecom coverage—a practical necessity in rural areas. ISC continues to expand digital services like SuperQi, an all-in-one fintech app offering scan-to-pay, remittances, bill payments, and more.

Observers frequently cite Qi Card as a replicable model for other developing economies seeking to digitise wages, reduce cash dependency, and formalise financial systems.

Innovation in Gold Payments

One of Qi Card's latest innovations is the proposed rollout of gold-backed payment functionality. Given the region's volatile currencies and the prevalence of gold jewellery trading, this feature is expected to attract consumers seeking to hedge against inflation and currency instability. Users would be able to make and receive payments denominated in gold, potentially offering a secure and popular alternative to unstable fiat currency.

Controversial Offboarding of Iran-linked Militias

Qi Card recently faced controversy when asked by regulators to offboard Iran-linked Popular Mobilization Forces (PMF) from its platform. Though charges related to PMF corruption have been raised for years, critics argue that removing PMF accounts may push actors toward cash-based, unregulated systems—undermining transparency and financial oversight.

Balancing Growth and Integrity

Despite internal and external challenges, Qi Card has maintained stable growth and continues to modernise a largely cash-based economy. Its infrastructure supports government salary and pension distribution, merchant payments, and expanding digital wallets across the country. The platform has solidified itself as a backbone of public-sector payroll transparency.

Analysts note that the company's integrated ecosystem—which pairs institutional trust with mobile banking and biometric safeguards—makes it a standout case in national fintech infrastructure. The potential gold payment initiative could further cement its position in a volatile economy.

Looking Ahead

Qi Card stands at the centre of Iraq's financial transformation. As the government pushes further into digital financial systems to reduce corruption and support economic recovery, the platform is positioned to play an increasingly pivotal role—both at home and potentially across the broader Middle East.

As governments in the region subject their financial actors to greater scrutiny, the resilience of Qi Card—and its founder's reputation—could shape the economic trajectory for the next decade. From restoring national trust in fiscal management to pioneering digital payments innovation, Qi Card may yet become a regional fintech exemplar.