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Payment Systems in the I.R.Iran

Payment-System-in-Iran.jpgConsidering the double digit inflation rate and relative stability in the currency denomination, the recent trend of the payment instrument has gradually moved from notes to various kinds of cheques, particularly  traveler's cheques. The introduction of modern payment instruments can be traced back to early 1990s where commercial bank of Sepah launched its Aber Bank Debit Card and ATM services.Since then almost all Iranian banks have provided their customers with the card payment services focusing on cards with debit function and ATM services to tackle the problem of heavy branch traffics.
The interbank card switch (SHETAB) was introduced in 2002 and now all card issuing banks in Iran are connected to the center; building up a uniform card payment network where all issued cards are accepted in all acquiring terminals.