Syrian Central Bank inks agreement with Visa for digital payment system

ISTANBUL

The Central Bank of Syria (CBS) announced that it has signed a cooperation agreement with Visa to develop a roadmap for establishing a modern and secure digital payment system in the country, the Syrian Arab News Agency (SANA) reported Friday.

Building a secure payments infrastructure with authorized financial institutions is the main goal of the agreement, which was formalized during a meeting at the Central Bank on Thursday, according to the report.

In order to ensure operational preparedness for worldwide interoperability, initiatives include issuing payment cards and enabling digital wallets that adhere to international standards.

Visa will enable merchants to accept payments through low-cost solutions such as QR codes and "Tap to Phone."

It was noted that Visa operates in more than 200 countries worldwide and that the company is preparing to support a multi-phase digital transformation plan in Syria.

Syrian Central Bank Governor Abdulkader Husrieh emphasized that the collaboration with Visa is critical for increasing transparency, accelerating modernization efforts, and creating a new beginning for the economy.

Reliable and transparent payment systems are crucial for economic recovery and drawing in investment, according to Leila Serhan, Senior Vice President of Visa for North Africa, the Levant, and Pakistan. The program enables Syria to move past antiquated infrastructure and implement cutting-edge, secure payment systems, she added.

The move comes after a memorandum of understanding with Mastercard in September to expand Syria's digital payments ecosystem and improve financial inclusion, as well as prior talks between CBS and Visa executives in Washington.