Syria Rejoins Global Payments

Visa and Mastercard have processed their first international payment card transactions in Syria, marking the country's reconnection to the global payments system. This development follows the US government's decision to remove Syria from its state sponsors of terrorism list.

The transactions were made possible through partnerships with local banks and financial institutions. QNB Group collaborated with Mastercard to execute an international card transaction in Syria, while Visa confirmed the completion of its first live cross-border payment test in Syria in partnership with Lebanon-based Fransabank.

The Central Bank of Syria said the transactions mark the official start of international card acceptance services in the country. QNB Syria processed the first point-of-sale (POS) transaction at an approved local merchant using an internationally issued Mastercard card. Visa tested its first live international transaction in Syria in partnership with Fransabank Lebanon as the acquiring financial institution and domestic payment technology company Paymera.

Mastercard West Arabia division president Adam Jones said the transaction demonstrates the readiness of the infrastructure to enable internationally issued Mastercard cards to be accepted in Syria. Visa Senior Vice President and Group Country Manager for the North Africa, Levant, and Pakistan (NALP) region Leila Serhan said Visa has taken important steps to support the reintroduction of digital payments in Syria.

## Why it matters The service rollout remains limited across the country, but technical preparations and testing had been underway for several months. The reintroduction of international payment card transactions in Syria is a significant step towards the country's economic recovery and reintegration into the global economy. It will provide Syrians with greater access to international goods and services, and facilitate trade and commerce with other countries.

The move is also expected to boost tourism and business travel to Syria, as internationally issued payment cards will now be accepted at local merchants. However, the full impact of this development will depend on the extent to which international payment card transactions are rolled out across the country, and the willingness of international businesses to engage with the Syrian market.