Syria Records First International Visa Card Payment

The Governor of the Central Bank of Syria, Safwat Raslan, announced that the country recorded its first payment transaction using an international Visa card. The transaction took place during a visit by President Ahmad al-Sharaa to a shop in the old quarter of Damascus, one day after Syria was removed from the list of state sponsors of terrorism.

New Electronic Payment System

The Central Bank of Syria stated that Decree No. 1124, issued by the General Secretariat of the Presidency of the Syrian Arab Republic, approved a new electronic payment and transformation system. The decree aims to develop a modern national payment network and expand payment and transfer options for citizens and the business sector.

Licensed Entities Under the System

According to the Central Bank, the system establishes regulatory and technical foundations for developing and linking payment services among financial institutions, through the licensing and regulation of three main categories of entities operating within the system:

• Payment service providers
• Electronic money service providers
• Payment system operators

This licensing framework allows for the development of diverse payment services and solutions within a clear regulatory and supervisory environment.

Statement by the Central Bank Governor

In a post on Facebook, Raslan said that this step represents a new beginning carrying much hope, along with the responsibility it entails. He added that the Central Bank will continue working to build a modern, reliable and open financial system that meets the aspirations of Syrians and opens new horizons of opportunity, according to his statement.