The Society for Worldwide Interbank Financial Telecommunication – or simply called Swift – has relaunched its services in Iran on the 31st January 2016. The relaunch was part of the joint comprehensive plan of action (JCPOA), signed between international negotiating parties to stop Iran in its nuclear developments. As implementation day officially lifted sanctions on the 16th of January, re-establishing swift was one of its benefits for Iran. Now that the relaunch has taken place, the Iranian economy has achieved a crucial step in re-joining the global community.
Swift has been cut off from 30 Iranians banks in the year of 2012 as part of the economical sanctions that have been put on Iran. With the relaunch, this cut-off has been reversed. For Iranian consumers and entrepreneurs alike, this will be great news: With a 92% debit card penetration rate inside Iran (almost all of its 80 million population), the country offers as vast new base of potential customers with an appreciation for the most different brands, especially europeans for their high quality.
Currently, only 3% of all actual transactions are conducted online. A number that should not worry or surprise though. As the Internet penetration rate is around half the population, with a fast increase in its numbers, online transaction will face an extremely fast trend in development, now that swift is being re-established.
This is great news for e-commerce and digital marketing in Iran: The population brings the correct numbers of debit card and internet usage to ignite a huge trend in development inside those areas. Platforms like Digikala are supposed to see big developments in transactions and product orders from their customers.
In whole, the online commerce industry is going to have a rapid development in Iran, thanks to the correct usage rates and numbers to give it all a big push. Another great thing is that e-commerce platforms in Iran need less physical space and do not need to buy or rent a shop in Iran’s expensive real estate industry. This will be a highly profitable business all of its own in Iran.
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