Baghdad (IraqiNews.com) — MoneyHash, a payment orchestration platform, has teamed with Iraqi fintech startup Wayl to expand into Iraq, aiming to meet the country’s rising need for digital commerce infrastructure.
The arrangement will enable MoneyHash to interface with Wayl’s local payment capabilities, allowing retailers to accept Iraqi payment methods, including foreign card schemes, commonly utilized domestic wallets, and bank-based choices.
The move is part of MoneyHash’s aim to expand into challenging developing markets via collaboration with local partners.
Iraq’s interest in e-commerce and digital payments has grown recently, owing to a youthful population, increased smartphone use, and incremental financial sector modernization; however, cash remains the leading payment method.
Wayl, a Baghdad-based firm launched in 2021, serves as a payment aggregator and merchant of record for companies entering Iraq, providing localized checkout solutions and regulatory compliance.
The startup accepts payments via Visa and Mastercard, as well as local wallets like ZainCash and services tied to First Iraqi Bank.
Merchants utilizing MoneyHash’s platform will be able to connect to Iraq’s payment ecosystem with a single integration, while Wayl will provide on-the-ground operational assistance.
Regional payment corporations are increasingly targeting Iraq as a frontier digital market, as they aim to expand beyond the more saturated Gulf economies and establish scalable e-commerce operations in underdeveloped regions.