QiCard
QiCard is Iraq's largest card issuer and acquirer, founded in 2007 as a public-private partnership with Rafidain Bank, offering biometric-secured payment cards, mobile banking apps, merchant acquiring, and digital content services to 21M+ users across the country.
- Company typePrivate
- Founded2007
- HeadquartersBaghdad, Iraq
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What QiCard does
QiCard (legal entity: The International Smart Card Co. LLC) is Iraq's largest card issuer and acquirer, founded in 2007 as a public-private partnership with Rafidain Bank to deliver biometric-secured payment cards to government employees, retirees, and social security beneficiaries. The company issues and manages a multi-tier card portfolio — including prepaid Travel Cards, Visa and Mastercard debit cards, customizable Ekhtiari debit cards, Qi Corporate Cards, and premium World Elite cards — and operates the SuperQi and Qi Services mobile applications (available in Arabic and English on iOS and Android) for card management, bill payments, peer-to-peer transfers, and merchant payments. The underlying technology combines a multi-biometric verification system (fingerprint, iris, facial recognition) with a proprietary de-duplication engine, and the platform integrates with the Iraqi National Switch and global networks (Visa, Mastercard, UnionPay, UPI) while supporting 3D Secure online transactions.
The company monetizes through a diversified mix of revenue streams: subscription/annual fees on card issuance (e.g., IQD 149,000-150,000 for Miles&Smiles), transaction-based merchant acquiring fees across its 15,000+ POS terminals and 10,000+ cash-out agents, margins on Digital Zone digital content sales (mobile top-ups, gaming, streaming), fees on government salary and humanitarian disbursements routed through the national switch, and installment-plan commissions via the Aqsati service. Its merchant acceptance infrastructure also spans Soft POS (smartphone-as-terminal), Scan to Pay QR payments, and an online payment gateway integrated with the Central Bank of Iraq.
Distribution combines enterprise partnerships with government ministries, banks (notably Rafidain and increasingly Iraqi Post since May 2024), and telecom/ISP partners (Asiacell, Earthlink/Al-Watani, SuperCell), alongside direct-to-consumer mobile app acquisition serving 21M+ users across 10-11M cardholders. Strategic moves in 2024-2025 — including the Turkish Airlines Miles&Smiles co-branded card, Genesys Cloud CX AI deployment, and international engagement at Money20/20 Europe 2026 — indicate active product expansion and positioning beyond Iraq's domestic market, though the business remains operationally concentrated in Iraq with regulatory and counterparty exposure to government banking relationships.
QiCard firmographics
Firmographics- Name
- QiCard
- Legal name
- THE INTERNATIONAL SMART CARD CO.LLC
- Website
- https://qi.iq
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- QiCard is Iraq's largest card issuer and acquirer, founded in 2007 as a public-private partnership with Rafidain Bank, offering biometric-secured payment cards, mobile banking apps, merchant acquiring, and digital content services to 21M+ users across the country.
- Ownership category
- akta.pro rank
QiCard industry classification
Industry- Product category
- Digital Payments and Electronic Banking
- NAICS
- Credit Card Issuing (522210), Credit Card Issuing (52221), Sales Financing (52222)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- General-Purpose Credit Card Schemes (FSAMAAAA)
- akta.pro secondary industries
- EMV Chip, Magstripe & PIN Debit Acceptance (FSAMADAG), QR Code Payments Wallets (FSAMAEAC), BNPL Card / Virtual Card Programs (FSAKACAC), Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)
Keywords
Where QiCard is headquartered
LocationHeadquarters
- HQ city
- Baghdad
- HQ country
- Iraq
- HQ region
- Middle East
Offices2 records
Markets served
QiCard business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Card Issuance and Management: Issuing and managing payment cards (prepaid, debit, credit, commercial) for individuals and corporate customers in partnership with banks and government institutions. Revenue generated from card annual fees, issuance fees, and account management services.
- Merchant Payment Processing: Processing electronic payments through POS terminals, Soft POS, Scan to Pay, and online payment gateway. Revenue from transaction fees charged to merchants on each payment processed.
- Digital Zone - Digital Content and Services: Platform for purchasing digital cards (mobile top-ups, internet subscriptions, gaming cards, entertainment streaming) with instant code delivery. Revenue from transaction margins on digital content sales.
- Salary and Government Disbursement Services: Managing payroll distribution for government employees and retirees, disbursing social welfare grants and humanitarian aid through the national switch network.
- Co-branded Card - Miles&Smiles: Premium co-branded travel card with Turkish Airlines offering travel rewards, lounge access, and mileage earning. Annual card fee of IQD 149,000-150,000 plus transaction revenue.
- Installment Plans (Aqsati): Facilitating installment payment plans for consumers to purchase products from partner merchants with flexible repayment schedules.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Miles&Smiles QiCard annual membership fee |
| Transaction based/ take rate | Pay-as-you-go | Qi card network - merchant POS and service agent fees |
| Transaction based/ take rate | Pay-as-you-go | Digital Zone - digital cards and content |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels7 records
QiCard product offering
Product offeringCore offering
QiCard is Iraq's largest card issuer and acquirer, issuing biometrically secured prepaid, debit, corporate, and World Elite payment cards under Visa and Mastercard networks and providing merchant payment acceptance (POS, Soft POS, Scan to Pay, online payment gateway), salary and government disbursement services through Rafidain Bank, mobile banking via the SuperQi super-app and Qi Services app, and digital content sales through its Digital Zone platform. Its products serve individual consumers, corporate customers, banks and financial institutions, government ministries, and merchants across Iraq.
Product overview
QiCard operates as a comprehensive digital payment ecosystem offering a multi-layered portfolio of card products, mobile applications, and merchant solutions. The core offering consists of various card types (prepaid, debit, credit, commercial, and VIP/World Elite) processed through Visa and Mastercard networks. The company provides two mobile platforms: SuperQi (super app with integrated mini-apps) and the Qi Services App (traditional banking app), both supporting card management, payments, and financial services. Merchant solutions include traditional POS terminals, Soft POS for mobile acceptance, Scan to Pay QR payments, and an online payment gateway integrated with Central Bank of Iraq systems. Supporting services include Digital Zone (digital content cards), Aqsati (installment payments), and Miles&Smiles (Turkish Airlines co-branded travel rewards). The ecosystem serves over 21 million users through 15,000+ POS terminals, 10,000+ cash-out agents, and 500 registration centers across Iraq.
Differentiator
Problem solved
Functional benefit
Brands
- SuperQi: All-in-one digital banking app providing seamless, secure, and flexible way to manage electronic financial transactions. Available in Arabic and English on iOS and Android.
- Digital Zone
- Aqsati
- Travel Card
- Ekhtiari Card
- Miles&Smiles Qi Card
Products and services
- Qi Prepaid Cards (Travel Card) Prepaid travel card enabling holders to make purchases and withdraw cash globally, with integration into the Turkish Airlines Miles&Smiles loyalty program for earning miles on everyday spending.
- Ekhtiari Card (Customizable Debit Card) Personalized debit Mastercard allowing users to customize card design with their own photo, featuring contactless payment, online shopping capability, and full spending control via the mobile app.
- Qi MasterCard from Rafidain Bank Prepaid Mastercard issued in cooperation with Rafidain Bank for daily transactions, enabling payments at merchants in Iraq and worldwide, online purchases, ATM withdrawals, and access to Sama Elite Lounge at Baghdad Airport.
- Qi Visa Card Visa debit card providing global acceptance, secure transactions with fraud monitoring, ATM access, digital integration with Qi mobile banking app, bill payments, personalized spending controls, and reward opportunities.
- Qi Corporate Card Business payment card enabling corporate expense management, employee card distribution, and bill reconciliation with DragonPass membership (1,200+ airport lounges), travel insurance up to $100,000, and car rental discounts.
- Qi World Elite Exclusive Card Premium VIP travel card available by invitation for frequent travelers, featuring complimentary airport lounge access, 24/7 personal assistant, luxury hotel offers, VIP airport reception, travel insurance, and Privilee Elite lifestyle membership.
- Qi World Elite MasterCard World Elite Mastercard designed for VIPs and travel enthusiasts offering Priceless Cities experiences, travel insurance, collision damage waiver, business lounge access, and premium travel services.
- SuperQi Mobile Super App All-in-one digital payment super app available on iOS and Android in Arabic and English, providing financial transfers, POS payments, spending management, financial insights, and access to mini-apps including Digital Zone, Misswag, and Aksat Mall.
- Aqsati (Installment Service) Installment payment service for employees and retirees of Rafidain Bank, enabling purchases of products and services on flexible repayment plans through the Qi Services app.
- Digital Zone Digital cards platform integrated within the SuperQi app offering mobile top-ups, online shopping cards, gaming cards (Xbox, PlayStation, Razer Gold), streaming services (Shahid.net, Starz Play), global gift cards (Amazon, eBay, Apple/iTunes), and transportation (Careem).
- Miles&Smiles Qi Card Mastercard Co-branded travel rewards credit card with Turkish Airlines enabling cardholders to earn 3X miles on Turkish Airlines bookings and 1 mile per 1,000 IQD on other purchases, redeemable for flights to 353 destinations in 131 countries via Star Alliance.
- Scan to Pay Contactless QR code payment feature within the SuperQi app enabling users to scan merchant QR codes, enter payment amount, and complete transactions instantly without cash or card.
- Soft POS Mobile point-of-sale solution transforming smartphones and tablets into secure POS terminals for accepting all major local and international cards with real-time transaction processing, easy reconciliation, and fraud protection.
- Online Payment Gateway E-commerce payment gateway integrated with Visa, Mastercard, and Central Bank of Iraq systems, supporting 3D Secure verification and enabling merchants to accept payments globally through websites and mobile apps.
- POS Solutions Traditional point-of-sale terminal solutions supporting multiple payment methods including local and international cards with PIN and fingerprint authentication, salary distribution, and integration with the Iraqi National Switch and global networks.
- Qi Services Mobile Banking Application Comprehensive mobile banking app providing account registration, dashboard, money transfers, bill payments, card management with lock/unlock and spending controls, instant notifications, biometric authentication, and loan applications.
Quantifiable outcome
- 50x revenue increase for Digital Zone within first year of Qi acquisition
- +5 more outcomes
Companies that use QiCard
Customer profileNamed customers7 records
Segments6 records
Ideal customer profiles5 records
QiCard technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration14 records
AI capability7 records
Feature6 records
QiCard partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered flagship, core, strategic and minor.
- Turkish AirlinesflagshipStrategic co-branding partnership to launch Miles&Smiles Qi Card Mastercard for Iraqi travelers. Card enables 11+ million Qi Card holders to join Turkish Airlines Miles&Smiles frequent flyer program and earn reward miles on everyday purchases. Miles redeemable for travel to 353 destinations in 131 countries via Star Alliance network. Benefits include business lounge access, seat upgrades, Fast Track services, and promotional rewards.
- MastercardcoreGlobal payment network partnership enabling QiCard acceptance at millions of merchants worldwide. Provides World Elite Mastercard benefits including Priceless Cities program, airport lounges (1,300+ lounges in 135 countries), travel insurance, and concierge services.
- VisacoreCard network partnership for Visa card issuance and acceptance. Qi Visa Card offers global acceptance, secure transactions, ATM access, digital integration, and reward opportunities.
- Rafidain BankcoreFounding partnership since 2007 between private sector and public sector represented by Iraq's largest bank. ISSC issues and manages payment cards for government employees in cooperation with Rafidain Bank for salary disbursement across all ministries and government institutions.
- UnionPaycoreInternational payment network partnership enabling additional global acceptance for QiCard holders at UnionPay merchants worldwide.
- UPI (United Payment Cards)corePayment network integration for card acceptance and processing across additional merchant networks.
- Earthlink (Al-Watani Internet)strategicPartnership to sell Al-Watani fiber optic internet subscription cards through Digital Zone platform within Qi Services app. Enables instant code delivery upon purchase. Al-Watani is Iraq's largest fiber-to-home ISP.
- AsiacellstrategicTelecommunications partnership for mobile top-up cards available through Digital Zone platform. Strategic partnership with major Iraqi telecom provider.
- Iraqi PoststrategicPartnership to issue and recharge electronic payment cards through Iraqi Post offices across Baghdad and provinces. Service launched May 5, 2024, complementing electronic collection project and supporting digital transformation.
- Digital ZonecoreAcquired in 2022, Digital Zone is an Iraqi platform for digital products and services (mobile recharge, internet bundles, gaming cards, streaming services). Post-acquisition revenue increased 50x with 1 million monthly users. Integrated into Qi Services and SuperQi apps.
- SuperCell Internet CompanyminorPartnership to sell SuperCell fiber optic internet subscription cards through Digital Zone platform. Enables internet service customers to purchase subscriptions using Qi payment cards.
- GenesysstrategicAI-powered customer experience platform partnership. Genesys Cloud CX integrates voice and digital channels for customer service operations. First Genesys project in Iraq's fintech sector. Achieved 60% savings in telecom costs and 80% reduction in response time.
- Customer Experience LtdstrategicTurkey-based implementation partner for Genesys Cloud CX platform deployment in Qi customer service systems. Facilitated AI-powered omnichannel customer experience transformation.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
QiCard competitors and assessment
Company assessmentDirect peers
- Fawry: Egypt's leading electronic payments network offering bill payment, mobile top-ups, and digital financial services through a similar super-app/agent merchant model. Highly comparable as a frontier-market payments super-app targeting underbanked populations with both consumer and merchant-facing products.
- Network International: UAE-headquartered payment processor serving merchants and financial institutions across the Middle East and Africa. Directly comparable as a MENA-region card processing and acquiring platform with overlapping scheme partnerships and merchant solutions.
- HyperPay: Leading MENA payment gateway and processing provider offering online payment gateway, POS, and merchant acquiring solutions. Comparable in delivering multi-channel acceptance (online, POS, mobile) and serving similar SMB/enterprise merchant segments.
- PayTabs: MENA-focused online payment processing and gateway platform serving SMBs and enterprises across the Arab world. Comparable product set (payment gateway, merchant acquiring, digital wallets) and overlapping target geography (Saudi, UAE, Egypt) to QiCard's regional ambitions.
- Geidea: Saudi-based payment solutions provider offering POS terminals, Soft POS, payment gateway, and merchant financial services. Directly comparable in soft POS / QR / online gateway product stack and frontier-market merchant focus.
- Magnati: UAE-based payment processing provider offering merchant acquiring, payment gateway, and issuer processing services. Comparable as a MENA-focused acquirer/processor with multi-channel (POS, online, mobile) product offerings.
Emerging players
- Kaspi.kz: Kazakhstan's dominant payments super-app combining marketplace, payments, and financial services. Comparable super-app model (SuperQi) targeting underbanked consumer base with payments + adjacent services, though in a different frontier market.
Broad incumbents
- Mastercard: Global card scheme and incumbent payments network that is both a QiCard partner (enabling issuance and acceptance) and a broad market participant. Comparable as the underlying scheme powering Qi's World Elite, Miles&Smiles, and standard card products.
- Visa: Global card scheme and QiCard's primary issuance partner enabling international acceptance. Comparable as the foundational network underpinning Qi's Visa-branded cards and global acceptance footprint.
Regional players
- Arab Financial Services: Bahrain-based regional payment processor and fintech offering card processing, merchant acquiring, and digital payment solutions across MENA. Comparable card processing and regional scheme-partner capabilities, serving neighboring markets.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
QiCard social profiles
Digital presenceQiCard compliance and trust
Trust signalCompliance2 records
QiCard financial estimates
Financial estimateRevenue estimate
Valuation estimate
QiCard leadership team
Management profileNumber of profiles
Profiles3 records
QiCard subsidiaries and ownership
Company hierarchySubsidiaries2 records
QiCard funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
QiCard M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about QiCard
What does QiCard do?
QiCard is Iraq's largest card issuer and acquirer, issuing biometrically secured prepaid, debit, corporate, and World Elite payment cards under Visa and Mastercard networks and providing merchant payment acceptance (POS, Soft POS, Scan to Pay, online payment gateway), salary and government disbursement services through Rafidain Bank, mobile banking via the SuperQi super-app and Qi Services app, and digital content sales through its Digital Zone platform. Its products serve individual consumers, corporate customers, banks and financial institutions, government ministries, and merchants across Iraq.
Is QiCard a public or private company?
QiCard is a private company. It is classified as corporate owned and is currently operating.
When was QiCard founded?
QiCard was founded in 2007. It employs 501 to 1,000 people.
Where is QiCard based?
QiCard is headquartered in Baghdad, Iraq, in the Middle East region.
How does QiCard make money?
Six revenue lines are on record. Card Issuance and Management is the primary driver. The others are merchant Payment Processing, digital Zone - Digital Content and Services, salary and Government Disbursement Services, co-branded Card - Miles&Smiles and installment Plans (Aqsati).
Who are QiCard's main competitors?
Direct peers on record are Fawry, Network International, HyperPay, PayTabs, Geidea and Magnati. Kaspi.kz is listed as an emerging player. Broad incumbents are Mastercard and Visa. Arab Financial Services is listed as a regional player.
Does QiCard have an API?
Yes. Qi Card provides an online payment gateway integrated with Visa, Mastercard, and the Central Bank of Iraq systems. The gateway supports 3D Secure password verification for secure transactions. Qi also provides merchants with online sales platforms through Jeni and Miswak.
What industry is QiCard in?
QiCard's product category is Digital Payments and Electronic Banking. Its primary akta.pro industry code is FSAMAAAA, General-Purpose Credit Card Schemes, with a secondary code of FSAMADAG, EMV Chip, Magstripe & PIN Debit Acceptance. Its NAICS code is 522210 and its SIC code is 6141.