Iranian digital payment transactions exceeded $30.8bn during the month ending 20 December 2016, according to Shaparak, Iran's payment and settlement network. This figure represents a a 46.7% YoY growth in the value of digital payments in the country. According to Shaparak, 253,358 online gateways were active by December 21. The report also notes that Iran has been able to achieve this success by using blockchain technology as an alternative means for financial transactions. Users checking account balances represented a further 6.3% of digital transactions. During the same timeframe, 111.6 million transactions failed, 88% of which were due to user error and 8.5% down to a mistake by the card issuer.
Iranian digital payment transactions exceeded $30.8bn during the month ending 20 December 2016, according to Shaparak, Iran's payment and settlement network. This figure represents a a 46.7% YoY growth in the value of digital payments in the country. The report also notes that Iran has been able to achieve this success by using blockchain technology as an alternative means for financial transactions. Users checking account balances represented a further 6.3% of digital transactions. During the same timeframe, 111.6 million transactions failed, 88% of which were due to user error and 8.5% down to a mistake by the card issuer.