Key facts
- Visa and Mastercard have begun processing international card payments in Syria.
- This follows the US removal of Syria from its list of state sponsors of terrorism.
- Mastercard partnered with Qatar National Bank for its first international transaction in over 15 years.
- Visa partnered with Lebanon's Fransabank and Paymera for its first live international transaction test.
- Syrian President Ahmed al-Sharaa used a Visa card for a payment in Damascus.
Visa and Mastercard have initiated international card transactions in Syria, marking a significant step towards the country's financial reintegration. This development follows the United States' decision to remove Syria from its list of state sponsors of terrorism, a designation that had imposed severe economic restrictions.
Mastercard announced it, along with Qatar National Bank (QNB) Group, processed Syria's first international card payment in over 15 years. Visa reported conducting its first live international transaction test in Syria with Lebanon's Fransabank as the acquiring financial institution and local firm Paymera. Syrian President Ahmed al-Sharaa was seen making a coffee purchase with a Visa card in Damascus, an event shared by the central bank governor.
These moves are seen as crucial for modernizing Syria's payment ecosystem, potentially attracting investment, and supporting the country's reconstruction efforts after years of conflict and isolation. The central bank governor expressed optimism about building a modern, trusted, and open financial system.