Overview
- The tests, carried out on Thursday, came two days after the U.S. formally removed Syria from its State Sponsors of Terrorism list, which had deterred international banks for decades.
- Visa said it processed a live transaction in Damascus with Lebanon’s Fransabank as the acquirer and Syrian payments firm Paymera providing local infrastructure, and Mastercard said it completed an end‑to‑end payment with Qatar’s QNB.
- Syrian President Ahmed Al Sharaa personally used a Visa card at a Damascus cafe while Central Bank Governor Mohammed Safwat Raslan attended, a moment Syrian officials described as a “new beginning” for payments.
- The moves enable international visitor payments and initial merchant acceptance but practical limits remain, including a largely cash economy, high unbanked rates, scarce point‑of‑sale terminals, and the need to rebuild correspondent‑bank relationships and compliance controls.
- Visa’s technical rollout began with a central bank agreement in December and regulatory authorizations in May, and officials say wider financial reintegration and reconstruction financing will depend on completing compliance, risk management and banking ties.