Visa Launches Operations in Syria to Advance Digital Payments

Payment company Visa has announced the launch of its operations in Syria. This represents a significant development for the country's financial sector, which has been isolated from global payment networks for years. An agreement with the Syrian Central Bank outlines a roadmap for building a modern digital payments ecosystem.

Syrian Central Bank Governor AbdulKader Husrieh described the partnership as "foundational" to the country's economic reopening. He expressed a vision for Syria to become a financial hub for the Levant. The initiative aims to establish a system that meets international standards from the outset.

Visa's initial focus will be on collaborating with licensed banks to roll out secure digital wallets, EMV-standard payment cards, and merchant acceptance solutions. Features such as tap-to-phone, QR code payments, and low-cost digital acceptance tools are particularly targeted at supporting small and medium-sized enterprises.

The expansion of digital payments in Syria is a crucial step for the nation's economic recovery. The country has endured a decade of civil war and international sanctions, limiting its integration with the global financial system. Developing digital payments can enhance transparency and confidence, essential for attracting investment.