Visa to Launch Operations in Syria in Major Push to Build Modern Digital Payments Ecosystem
Aligning with its mission to uplift everyone, everywhere, Visa will launch operations in Syria and support the creation of a future-ready payments ecosystem built on global standards through a phased digitization plan.
Visa announced a partnership with the Central Bank of Syria and financial authorities and institutions to implement a strategic roadmap designed to help Syria rapidly integrate into the modern global digital economy. Aligning with its mission to uplift everyone, everywhere, Visa will launch operations in Syria and support the creation of a future-ready payments ecosystem built on global standards through a phased digitization plan.
The immediate focus will be on working with licensed financial institutions to develop a robust and secure payments foundation. This includes issuing payment cards and enabling digital wallets using global standards like EMV® chip and tokenization, ensuring they are secure and immediately ready for international interoperability.
For merchants, Visa will help enable acceptance through the Visa Acceptance Platform that provides the ability to deploy low-cost, open acceptance solutions like Tap to Phone and QR codes to rapidly build an inclusive and accessible network. The benefits of this extend to micro, small, and medium enterprises (MSMEs) that form the backbone of the local economy, empowering them to fully participate in the digital economy and contribute to job creation.
To help create a vibrant payments ecosystem and to support its accelerated growth, Visa will invest in targeted programs for capacity building and local talent development. Visa will also focus on deploying programs that help local entrepreneurs build and scale new payment solutions on a globally trusted platform and get connected with Visa’s network of regional and global fintech partners.
“The vision presented by Visa offers a powerful path forward to accelerate our modernization agenda, enhance transparency, and provide our people and businesses with the tools they need to rebuild and thrive. This partnership marks a new chapter of hope and opportunity for the Syrian economy.”
– Dr. Abdulkader Husrieh, Governor, Central Bank of Syria
“A reliable and transparent payment system is the bedrock of economic recovery and a catalyst that builds the confidence required for broader investment to flow into the country. This partnership is about choosing a new path, where Syria can leapfrog decades of legacy infrastructure development and immediately adopt the secure, open platforms that power modern commerce.”
– Leila Serhan, Senior Vice President, North Africa, Levant and Pakistan, Visa
