The Central Bank of Syria (CBS) has announced that it has signed a cooperation agreement with Visa to develop a roadmap for establishing a modern and secure digital payment system in the country.
The main goal of the agreement, which was formalised during a meeting at the Central Bank on Thursday, is building a secure payments infrastructure with authorised financial institutions, the Syrian Arab News Agency (SANA) reported on Friday.
In order to ensure operational preparedness for worldwide interoperability, initiatives include issuing payment cards and enabling digital wallets that adhere to international standards.
Visa will enable merchants to accept payments through low-cost solutions such as QR codes and "Tap to Phone."
Transparent payment systems
Visa operates in more than 200 countries worldwide and the company is preparing to support a multi-phase digital transformation plan in Syria, the report added.
Syrian Central Bank Governor Abdulkader Husrieh emphasised that the collaboration with Visa is critical for increasing transparency, accelerating modernisation efforts, and creating a new beginning for the economy.
Reliable and transparent payment systems are crucial for economic recovery and drawing in investment, according to Leila Serhan, Senior Vice President of Visa for North Africa, the Levant, and Pakistan. The programme enables Syria to move past antiquated infrastructure and implement cutting-edge, secure payment systems, she added.
The move comes after a memorandum of understanding was signed with Mastercard in September to expand Syria's digital payments ecosystem and improve financial inclusion, as well as prior talks between CBS and Visa executives in Washington.
