Shetab Banking System - Impact

Impact

See also: Iranian Economic Reform Plan

As of 2006, Iran was still very much a cash based society. It is expected that a unified clearance system, such as Shetab, will provide significantly greater efficiency, reduce crime, reduce money printing costs, and improve tax collection amongst other benefits. It is also expected to improve the quality of life of citizens whom, once the system is fully operational, would no longer be required to spend large amounts of time organising things in person and would concequently be able to conduct activities immediately over the phone or over the internet. The impact of the system is already being felt as corporations establish e-commerce, supply chains, online banking and retailing systems.

In 2007, Tetra-Tech IT Company announced that using VISA and MasterCard is now possible for online sales and in Iranian e-card terminals at shopping malls, hotels, restaurants, and travel agencies for Iranians and foreign tourists. Iran's electronic commerce will reach 10,000 billion rials ($1 billion) by March 2009.

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