Overview
- Visa and Mastercard ran live test international card transactions in Damascus on Wednesday, including a widely shared video of President Ahmed al‑Sharaa completing a Visa payment.
- Visa said it processed its test with Lebanon’s Fransabank and Syrian payments firm Paymera, while Mastercard and Qatar’s QNB Group said they completed an end‑to‑end Mastercard payment for participating merchants.
- The U.S. formally removed Syria from its state sponsors of terrorism list earlier this week, a move companies and officials say removes a major legal and compliance barrier that deterred international banks and networks.
- Officials and payment firms describe the work as an early, phased rollout that requires regulatory approvals, strong know‑your‑customer and sanctions screening, and upgrades to point‑of‑sale, connectivity and power infrastructure.
- The tests build on prior steps to reopen Syria’s finance links — including a first SWIFT transfer in June 2024 and a December agreement between Visa and the central bank — and could expand payments for visitors and investors if banks broaden services.