Syria launches locally issued payment card with international acceptance — Anadolu Agency
Syria has launched its first locally issued electronic payment card that is accepted outside the country. The card was presented by QNB Syria in cooperation with Mastercard at a meeting attended by the head of the Central Bank of Syria, Mohammad Safwat Raslan, Anadolu Agency reports.
Return to international networks
The Central Bank of Syria said that the card's launch is a stage in the development of the electronic payments and transfers system. This includes restoring the acceptance of international cards and issuing local cards linked to global payment networks.
According to the bank, before the launch Syria reconnected its payment system to the Mastercard network and carried out its first transaction using an international Mastercard card in more than 15 years.
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Regulation of the payment market
The central bank said it is simultaneously developing the national infrastructure for payments and electronic financial services, as well as restoring the links of the country's banking and monetary system with global payment networks.
In May, the bank adopted Decision No. 259, which set out rules for cooperation between licensed banks, financial institutions and electronic payment companies and international payment systems, including Visa and Mastercard. The document covers requirements for licensing, compliance, settlements, cybersecurity and data protection. In August, the Central Bank also launched a new electronic payment system to expand payment and transfer options for citizens and businesses.
