Iranian banks have begun issuing credit cards for the first time in decades, local media reported on Monday.
The report by several newspapers, including the daily Donya-e-Eqtesad or World of Economy in Farsi, said the cards will be for domestic use only and do not involve any sort of partnership with a major international credit card company.
The cards are usable for purchasing products and services from Iranian online shops as well. The move is aimed at helping to boost Iran's sanctions-damaged economy.
The credit limits and fee percentages will be fixed by Iran's Central Bank, although individual banks will be responsible for determining if a customer qualifies to receive a card.
Cards will come in three...read more at Merced