NEO Pay Iraq issues virtual and physical prepaid cards linked to a mobile app, enabling Iraqi residents to shop and make payments online and via POS terminals. It has 256,000 active cardholders and processed $490 million of transactions in 2025. In 2025, NEO Pay expanded its agent network from 650 to 1,100 and signed an agreement with regional insurers to offer medical and travel insurance through its app. In March 2026, it received a wallet services license from the Central Bank of Iraq (CBI).