Syria launches 1st locally issued internationally accepted payment card

Syria launched its first locally issued electronic payment card accepted internationally Sunday, in a move aimed at developing the country's digital payments system and reconnecting its banking sector with global payment networks.

The card was launched by QNB Syria in cooperation with Mastercard during a meeting attended by Central Bank of Syria Governor Mohammad Safwat Raslan.

The central bank said in a statement that the launch marks "a new milestone in the development of Syria's electronic payment and transfer system," ranging from the restoration of acceptance for international cards to the issuance of local cards linked to global payment networks.

The development comes after Syria reconnected its payment system to the Mastercard network and completed its first transaction using an international Mastercard in more than 15 years, according to the bank.

The central bank said it is working on two parallel tracks: developing the national infrastructure for payments and electronic financial services inside Syria and reconnecting the country's banking and monetary system with global payment networks.

The approach is aimed at expanding payment options and improving interoperability across the system, it added.

The bank said Decision No. 259 established a regulatory framework allowing licensed financial institutions and electronic payment companies to work with international payment companies and systems under requirements covering licensing, compliance, settlement, cybersecurity and data protection.

It added that the framework allows cooperation with qualified global and regional payment networks without limiting financial institutions to a single company or network.

In May, the Central Bank of Syria issued Decision No. 259, which it described as an important step toward modernizing the financial sector.

The decision allowed licensed banks, financial institutions and electronic payment companies operating in Syria to work with international payment providers such as Visa and Mastercard.

The central bank also launched a new electronic payment system in August aimed at expanding payment and transfer options available to individuals and businesses.

It said at the time that the system was designed to make transactions easier, faster and more secure while keeping cash available as an option.