ERBIL, Kurdistan Region of Iraq – The Kurdistan Regional Government’s (KRG) e-Psule initiative recorded more than two million payment transactions across the Region, marking a significant increase in the use of electronic payments since the project’s launch in February, the Finance Ministry announced on Wednesday.

In a statement, the ministry said the initiative “has recorded more than two million payment transactions,” describing the amount as “an important step in expanding the use of electronic payment” since the project was launched earlier this year.

Kurdistan Region Prime Minister Masrour Barzani announced the project in February as part of efforts to modernize the banking sector, allowing users to pay their bills electronically through participating banks.

Through e-Psule, citizens can pay their bills electronically using nine banks and the digital wallet applications of their partner institutions, which are licensed by the Central Bank of Iraq.

The initiative is part of the KRG's efforts to advance the Kurdistan Region toward a cashless economy, with other banking projects like MyAccount already having made significant strides toward that end.

E-Psule aims to “simplify” the payment of utility bills through “a secure digital platform,” according to the project's official website.

The program currently includes electricity dues, including outstanding bills and previous debts owed to the government.

Cihan Bank, First Iraqi Bank (FIB), and the National Bank of Iraq (NBI), as well as online wallets such as Fastpay, AsiaPay, and Nass Wallet, have enrolled in the program as payment methods thus far, with more banks and wallets set to join in the future.