TDT | Manama
Email: mail@newsofbahrain.com
Visa and Mastercard have processed international card payments in Syria for the first time in more than a decade, marking a significant development for the country's financial sector.
Mastercard said it worked with Qatar National Bank (QNB) Group to process Syria's first international card payment in more than 15 years. Visa separately confirmed that it had tested its first live international transaction in the country.
The developments come days after the United States removed Syria from its list of state sponsors of terrorism, a move that could help ease the country's long-standing economic isolation.
Visa said the transaction was carried out with Lebanon-based Fransabank and Syrian electronic payments company Paymera. Paymera later said it completed the first electronic payment using a Visa card.
The move comes as Syria seeks to reconnect with the global financial system following years of sanctions imposed during the country's civil war.
Syrian Central Bank Governor Safwat Raslan also highlighted the significance of the development after a Visa card was used to pay for coffee at a café in Damascus.
The return of international card services could improve payment options for visitors, support businesses and help Syria attract investment as it works towards economic recovery and reconstruction.
