Syria Issues First Internationally Accepted Bank Card

(MENAFN) Syria rolled out its first domestically issued electronic payment card accepted internationally on Sunday, a step officials say will modernize the country's digital payments infrastructure and reintegrate its banking sector into global financial networks.

QNB Syria unveiled the card in partnership with Mastercard during a launch event attended by Central Bank of Syria Governor Mohammad Safwat Raslan.

In a statement, the central bank described the launch as marking "a new milestone in the development of Syria's electronic payment and transfer system," encompassing both the restoration of acceptance for international cards and the issuance of local cards linked to global payment networks.

The rollout follows Syria's reconnection to the Mastercard network and the completion of its first international Mastercard transaction in more than 15 years, the bank said.

According to the central bank, the effort is unfolding along two parallel tracks: building out national infrastructure for payments and electronic financial services within Syria, and simultaneously reconnecting the country's banking and monetary system with international payment networks. Officials said the strategy is designed to broaden payment options and strengthen interoperability across the system.

The bank pointed to Decision No. 259 as the regulatory backbone of the initiative, establishing a framework that allows licensed financial institutions and electronic payment companies to partner with international payment providers under rules covering licensing, compliance, settlement, cybersecurity and data protection. The framework, the bank noted, permits cooperation with qualified global and regional payment networks without restricting financial institutions to a single provider.

Decision No. 259, issued by the Central Bank of Syria in May, was described at the time as a key step toward modernizing the country's financial sector. It opened the door for 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 further expanded its digital payments push in August with the launch of a new electronic payment system aimed at giving individuals and businesses more options for transactions and transfers. At the time, officials said the system was built to make payments easier, faster and more secure — while still preserving cash as an option for users.

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