Visa has partnered with Syria's central bank to develop a digital payments ecosystem and launch operations in the country.
The company aims to work closely with licenced financial institutions to develop a secure payments blueprint for payment card issuing and digital wallets using global standards.
Syria’s journey to enter the global digital economy
The International Monetary Fund said in November that it will offer technical assistance on financial sector regulation, the rehabilitation of payment and banking systems, and rebuilding the central bank’s ability to implement monetary policy for low and stable inflation. As Syrian banks were isolated from the global financial system during the civil war due to the President’s violent repression of anti-government protests in 2011, western states were prompted to impose sweeping sanctions.
Since last year, when the Syrian president was ousted, the government started restoring international ties, especially with the US. Since then, European governments and Washington have ended their economic sanctions on Syria.
Visa decided to join forces with the Central Bank of Syria and other financial authorities to implement digital payments integration. The move aims to support Syria’s entry into the global economy, with the company rolling out operations in the country and introducing a phased digitalisation plan for the sector.
Firstly, Visa plans to launch a secure payments infrastructure. This includes the issuance of payment cards and the adoption of digital wallets in the country, using worldwide standards like EMV chip technology and tokenisation, which ensure security and immediate global interoperability.
For merchants, this means adoption of the Visa Acceptance Platform, which allows for the deployment of open, cost-effective acceptance solutions, including Tap to Phone and QR code technologies.
This initiative will benefit MSMEs, which are key to the country’s economical growth. Supporting these businesses to participate in the market, Visa aim to support creation of jobs and participation. The company believes that a transparent payment system is the foundation of economic recovery, building opportunities for broader investment flow.
The alliance with the Central Bank of Syria will allow the country to accelerate infrastructure development and adopt secure, open platforms what drive modern commerce. Additionally, Visa plans to invest in targeted programmes focused on capacity building and the development of local talent, introducing initiatives that support local entrepreneurs develop and expand new solutions while leveraging Visa’s global platform and connecting with local and international fintech partners.
