Following more than a decade of conflict and financial isolation that left Syria’s banking infrastructure largely crippled, Visa is set to launch operations in the country. This move aims to establish a modern payments ecosystem in partnership with the Syrian Central Bank.

A Secure Payments Foundation

The initial efforts will involve working alongside licensed financial institutions to lay down a robust payment framework. Key components include the introduction of EMV chip-based cards, digital wallets, and tokenization to enhance security and convenience.

Facilitating Merchant Acceptance

Visa plans to assist merchants by enabling alternative payment methods such as tap-to-phone transactions and QR code payments through its Visa Acceptance Platform. The goal is to create an accessible network that supports micro, small, and medium-sized businesses, which form a significant portion of Syria’s economic landscape.

Fostering Innovation

The company also intends to support local entrepreneurs in developing innovative payment solutions by connecting them with global fintech partners. These initiatives aim to help Syrian innovators integrate into the broader regional and international financial ecosystem.

Syria has an opportunity to bypass traditional infrastructure development stages and adopt advanced, secure platforms for commerce,” said Leila Serhan, Visa’s Senior Vice President for North Africa, Levant, and Pakistan.

A Path to Recovery

The lifting of sanctions following the resignation of Bashar al-Assad allowed Syria to start rebuilding its financial sector. With the assistance of organizations like the International Monetary Fund, efforts are underway to rehabilitate the country’s payment and banking systems.

As part of broader regional developments, including the expansion of BRICS to include Middle Eastern countries, Syria is looking to integrate more closely with neighboring economies, enhancing cross-border payment capabilities across multiple nations.