Legal System for Electronic Payment Service: An Analytical Study of the Iraqi Electronic Payment of Funds, Act No. 3 of 2014

In line with the requirements of e-commerce, new means of payment of Funds have emerged, based on the creation of an electronic version of the money that allows the electronic transfer of funds through which people can meet their cash commitments from their places of origin and very quickly known electronic payment tools. These tools are used in conjunction with licensed entities to provide electronic payment services through electronic payment of Funds contract. The Iraqi legislator has realized the role of electronic payment of funds in facilitating the fulfilment of financial obligations. Therefore, in an advanced step to regulate the electronic payment transactions of funds, by issuing Electronic Payment of Funds Act No. 3 of 2014, where the Electronic Payment of Funds Contract was one of the most important topics to organize. The Electronic Payment of Funds Contract is one of the modern contracts in the field of legislative and practical, and we found it important to study the legal system for him, being the legal means to obtain an electronic payment tool, after it became a necessity for the possibility of transmission Funds are needed quickly and safely, so it is necessary to identify its legal system, how to contract for this service, and the rights and obligations of the contract. This Article focuses on the study of the legal system to contract electronic payment for Funds in Iraqi law, which provided for this contract in the Electronic Payment of Funds Act No. 3 of 2014, where the study reviews in accordance with the analytical method of the provisions of this contract, revealing of the distinctive character of its formation and effects