Warka Bank Launches Suite of MasterCard Payment Solutions in Iraq
Warka Bank Spearheads the Establishment of the Largest ATM Network in Iraq
Iraq, 19 October 2009 – Warka Bank, a leading investment and finance institution in Iraq, today announced the launch of a suite of MasterCard payment products for consumers and businesses in Iraq. In line with the launch, Warka Bank also unveiled the completion of its ATM network and the bank’s plan to establish the widest point-of-sale (POS) network in Iraq.
As an acquirer[1], Warka Bank will process MasterCard credit and debit transactions through its extensive ATM and POS networks throughout the market. The entire suite of products that Warka Bank has launched includes MasterCard Standard, Gold, Platinum and Corporate cards, as well as Prepaid MasterCard and Gift cards.
“As the payments market in Iraq continues to develop and gain momentum, we are committed to work with a leading global player like MasterCard Worldwide to bring consumers secure, flexible and convenient payment products,” said Mr. Saad Al Bunnia , Chairman and CEO, Warka Bank. “We are delighted to have also launched the largest POS network in Iraq through our relationship with MasterCard. With each product catered to suit the lifestyle needs of consumers in Iraq, cardholders will now be able to better manage their finances, while leveraging the benefits that payment cards provide.”
Basel ElTell, vice president and regional manager, Levant, MasterCard Worldwide, said, “With a variety of MasterCard payment solutions now available to consumers in Iraq, they will be able to pay for products and services at 29.4 million acceptance locations around the world where MasterCard cards are accepted and access their funds quickly and securely via more than1.5 million ATMs worldwide . We are delighted to collaborate with Warka Bank, a pioneering bank in Iraq, to launch a suite of products, which represents a momentous stride in further developing the Iraqi payments landscape.”
Warka Bank for Investment offers a wide range of cards that are designed and catered to meet your banking requirements guarantying customer satisfaction.
Below is the variety of cards and acquiring details to choose the best card or cards that works for you. Warka Bank for Investment and Finance provides quality performance, efficiency and care at all time. We are the bank you can trust and count on in delivering the very best services, products and customer care.
Prepaid Cards…
WARKANET:
1- Warkanet is issued exclusively for internet usage.
2- Warkanet limit ranges from $50 - $500.
3- Warkanet will expire after a period of five years with an annual subscription fee of USD $10.
4- Warkanet will be renewed automatically where the annual fee will be withdrawn directly from the card’s limit.
5- Warkanet can be re-charged in the amount range $50 - $500 on the condition that it will not exceed more than $5000 per month with a recharge fee of USD $3 fees applied each time.
6- With Warkanet it is possible to withdraw the limit where there is no need to cancel the card where a fee of USD $3 will be applied.
7- The pin code can be re-issued where a fee of $2 will be applied.
8- A statement can be issued by filling where a fee of $2 will be applied.
The procedures for obtaining a WARKANET:
1- No need to open and establish an account.
2- The application form must be filled out and signed.
3- The documents required are a copy of a valid colored ID and passport.
4- The mobile number must be submitted and registered to receive SMS services.
5- To receive mail & phone orders the related form must be filled out.
Debit Card:
1- .Debit cards can only be used in ATM & POS devices.
2- .Debit card will be linked to the holder’s Warka account.
3- Debit card will expire after a period of 5 years where an annual fee of USD $10 will be applied.
4- Pin code can be re-issued where a fee of USD $2 will be applied for each issuance.
5- Withdrawal fee will be deducted from the holder’s Warka account.
6- The withdrawal daily limit is $1000 where 5 times is the maximum withdrawal per day.
7- Activation card will depend on the holder’s Warka account’s balance.
8- With Debit cards it is possible to reject a suspicious un-authorization transaction by filling out a form within a period of 90 days where a fee of USD $10 will be applied.
The procedures of obtaining DEBIT MC:
1- The Warka account holder must have a minimum balance of IQD 200 000.00 IQD or equivalence in USD.
2- The form must be filled out and signed.
3- The documents required are a copy of a valid colored ID and passport.
4- The mobile number must be submitted and registered to receive SMS services.
5- To receive mail & phone orders the related form must be filled out.
MC Credit Cards - 3 types
Platinum MC:
1- Platinum card limit range starts from $20000.
2- Platinum card will expire after 2 years where an annual fee of USD $100 will be applied.
3- Platinum card will re-new automatically after withdrawing the annual fee from the holder’s Warka account.
4- 5% down payment per month from the usage limit must be deposited on the condition that the minimum deposit will not be less than $150.
5- Re-issuing pin code is possible where a fee of USD $2 will be applied.
6- Renewing the limit is possible as long as the holder’s account holds sufficient balance to cover the usage limit.
7- A grace period for purchase of 15 days will be set after closing the account circle.
8- With Platinum cards it is possible to reject a suspicious un-authorization transaction by filling out a form within a period of 90 days where a fee of USD $10 will be applied.
Golden MC:
1- Golden MC limit $3000 - $5000.
2- Golden card will expire after 2 years where an annual fee of USD $75 will be applied.
3- Golden card will re-new automatically after withdrawing the annual fee from the holder’s Warka account.
4- 5% down payment per month payment from the usage limit must be deposited on the condition that the minimum deposit will not be less than $75.
5- Re-issuing pin code is possible where a fee of USD $2 will be applied.
6- Renewing the limit is possible as long as the holder’s account holds sufficient balance to cover the usage limit.
7- A grace period for purchase of 15 days will be set after closing the account circle.
8- With Golden cards it is possible to reject a suspicious un-authorization transaction by filling out a form within a period of 90 days where a fee of USD $10 will be applied.
Silver MC
1- Silver MC limit $300 - $3000.
2- Silver card will expire after 2 years where an annual fee of USD $50 will be applied.
3- Silver card will re-new automatically after withdrawing the annual fee from the holder’s Warka account .
4- 5% down payment per month from the usage limit should be deposited on the condition that the minimum deposit will not be less than $50.
5- Re-issuing pin code is possible where a fee of USD $2 will be applied.
6- Renewing the limit is possible as long as the holder’s account holds sufficient balance to cover the usage limit.
7- A grace period for purchase of 15 days will be set after closing the account circle.
8- With Silver cards it is possible to reject a suspicious un-authorization transaction by filling out a form within a period of 90 days where a fee of USD $10 will be applied.
THE COLLATERAL WHICH MUST BE COVERED TO OBTAIN AN MC CREDIT:
110% from the card’s limit will be withdrawn in advance from the client’s account and blocked till the card will be canceled.
MC Payments Procedures…
1- The account circle will close at 15th each month where on day 16 the 2.5% fee will be calculated on the usage amount.
2- A fine and penalty of USD $25 or IQD 25000 will be applied for delayed settlements
3- The ATM Cash withdrawal fee is 4% on the condition not to be less than 5$.
4- Overdraft limit fee is $15
5- Cash withdraw fees is 2.5% which is calculated from start of the first day till the payment day.
6- In the event that 5% of the usage limit is not covered within the period of the first month the opportunity will be given to settle and cover the outstanding the balance the next month. If the holder fails to settle the usage balance the card will be blocked and the bank will withdraw the complete owed amount from the collateral deposited applying the standard interest overdraft fees.
Important Notice:Management of the Bank has the right to alter any changes in the amount, interest, fees and deposit limit noting that the rates, fees and collateral are not fixed and subject to change.
It gives us our bank great pleasure in being the banking pioneers in Iraq that are here to best serve our esteemed clients where our motto is that our clients come first. We hope you truly enjoy our services and products.
Best regards,
Warka MasterCard Team
Warka Bank for Investment and Finance
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