“Can Iraq's dominant government-payroll card network transform itself into the country's all-in-one digital financial super-app before new fintech entrants capture the consumer and merchant opportunity?”
Founded in 2007 as a government-mandated electronic payments platform for Iraqi civil servants and pensioners, Qi Card (International Smart Card ISC) grew into Iraq's largest card issuer and acquirer with over 10 million cardholders. The company initially focused on financial inclusion for the unbanked majority, disbursing government salaries via prepaid and debit cards on Mastercard and Visa rails. Beginning around 2024, Qi Card pivoted toward a super-app model — SuperQi — powered by Ant International's Alipay+ Wallet Tech, layering consumer lending, instalment plans, digital marketplace services, and merchant acquiring onto its existing card infrastructure, signalling an ambition to become Iraq's dominant digital financial platform rather than just a government payroll processor.
Qi Card discloses Ant International (Alipay+ Wallet Tech) as its banking provider, with Rafidain Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Qi Card does not disclose a bank charter of its own; its banking services are provided through Rafidain Bank.
Qi Card processes payments through QiCard Payment Gateway (self-operated).
Qi Card's cards run on Mastercard and Visa.
The Embedded Finance Index 2026 maps 5 layers in Qi Card's stack: Payments / PSP (QiCard Payment Gateway (self-operated)); Banking / BaaS (Ant International (Alipay+ Wallet Tech)); Card network (Mastercard and Visa); Lending (Consumer loans (SuperQi app), Instalment plans (Aksati / Buy Now Pay Later) and SuperQi instalment plans); Sponsor bank (Rafidain Bank).
Qi Card is founded in 2007 and headquartered in Baghdad, Iraq.
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