History
Shetab was introduced in 2002, and now all card issuing banks in Iran are required to connect to the system. In 2002, when the system was introduced there were at approximately 2.8 million domestic debit cards in circulation, of those approximately 530,000 were capable of using the Shetab system.
In 2005, the government obliged the Central Bank of Iran and the Iranian banks, mostly state owned, to set up all the necessary infrastructures (regulatory, hardware, software) for fully launching e-money in Iran by March 2005. While this plan has not yet fully materialised, local debit/credit cards are now commonplace and have removed the main obstacle to the growth of e-commerce (in the national scale) as well as the full roll out of e-government initiatives. By 2010 it is expected that 12 million cards would be issued, all of which work with the Shetab system.
The Agricultural Bank (Keshavarzi Bank) was the first Iranian bank to connect to the Shetab system. Saman Bank was the first bank to introduce online banking services in Iran. Since, it has been at the forefront of expansion and enhancement of electronic banking.
Read more about this topic: Shetab Banking System
Famous quotes containing the word history:
“It is the true office of history to represent the events themselves, together with the counsels, and to leave the observations and conclusions thereupon to the liberty and faculty of every man’s judgement.”
—Francis Bacon (1561–1626)
“For a transitory enchanted moment man must have held his breath in the presence of this continent, compelled into an aesthetic contemplation he neither understood nor desired, face to face for the last time in history with something commensurate to his capacity for wonder.”
—F. Scott Fitzgerald (1896–1940)
“Throughout the history of commercial life nobody has ever quite liked the commission man. His function is too vague, his presence always seems one too many, his profit looks too easy, and even when you admit that he has a necessary function, you feel that this function is, as it were, a personification of something that in an ethical society would not need to exist. If people could deal with one another honestly, they would not need agents.”
—Raymond Chandler (1888–1959)