Payment App Wins A FinTech Award In Iran

Payment App Wins A FinTech Award In Iran

ZPay, a payment application for foreign tourists in Iran, has won the Bank Pasargad award for best financial technology innovation in Iran. ZPay re

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ZPay, a payment application for foreign tourists in Iran, has won the Bank Pasargad award for best financial technology innovation in Iran.

ZPay received the award at Iran`s First Fintech Festival, where 16 participating teams worked to develop their innovative ideas, as Financial Tribute (financialtribute.com) explained.

ZPay`s goal is to allow foreigners shop in Iran while keeping their money outside the country, according to the publication.

“Foreigners are permitted to bring about $10,000 to Iran and several shopkeepers told us that tourists do not have enough money to purchase Iranian handicrafts like carpet due to the restrictions.”, said a member of the team while pitching his idea to the audience.

The second prize went to the socially oriented project Sefid Pardakht (White Payment), a payment solution for the visually impaired and illiterate people. As Financial Tribute wrote, the application has key features like a high-contrast interface and an efficient voice command.

The third place was taken by Chakad application. It uses blockchain technology to authenticate electronic bank checks. The interface is user-friendly for both bankers and bank customers, added Financial Tribute.

“We have held talks with successful innovators … we encourage you to move forward without any fear.”, said Ali Akbar Salehi, the head of Atomic Energy Organization of Iran and former chancellor of Sharif University of Technology as quoted by Financial Tribute.

Iran`s 2025 vision sees the country as the regional hub for financial and banking services. The Central Bank of Iran (CBI) has emphasized their wish to support the development of a strong future for the banking system in their “2012 Roadmap”, as the publication reported.

“Currently, we have several flourishing startups in the country… We hope they will become the leading sector in the country’s economy”, explained Salehi.

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