Iran Planning to Abolish Cash, Introduce Electronic Payment Systems

‘Iran is planning to give up cash and replace it with an electronic means of payment. The project is to be tested for the first time in a free trade zone in the south of the country.

Iranian Central Bank President Walliollah Sejf told Tasnim news agency on Monday that the plan should be tested first on the island of Kish in southern Iran.

Kish is a free trade zone in the Persian Gulf. It is a paradise for consumers, with numerous shopping malls, modern hotels and tourist attractions.

According to Sejf, the electronic banking services have had a positive impact on the economic and social sectors of the country in the past years.’

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