Visa has completed the first live international payment transaction in Syria, marking a milestone in the country’s efforts to reconnect its financial system with global payment networks and expand digital payment capabilities.  The transaction was carried out in partnership with Fransabank Lebanon, which acted as the acquiring financial institution, and payment services provider Paymera. The successful test is expected to pave the way for international visitors to use Visa cards in Syria.  The development forms part of broader efforts to modernise Syria’s financial infrastructure following the roadmap announced by Visa in late 2025 to support the country’s reintegration into the global digital economy.  HE Mohammed Safwat Raslan, Governor of the Central Bank of Syria, said the milestone supports the country’s wider financial modernisation agenda.  “The Central Bank of Syria views the modernization of the national payments ecosystem and its greater integration with international payment systems as an important part of the broader modernization of Syria’s financial infrastructure,” he said.  “Today’s test paves the way for international card acceptance in Syria and represents a practical milestone in expanding payment options and facilitating transactions for international visitors.”  He added that strong compliance, risk management and operational controls would remain central as the country expands digital payment services.  Leila Serhan, senior vice president and group country manager for North Africa, Levant and Pakistan (NALP) at Visa, said the company had spent recent months working with local stakeholders to support the return of digital payments in Syria.  “At Visa, our mission is to connect the world through the most innovative, reliable and secure payments network,” she said.  “We are excited to have successfully tested live transactions today as we plan to enable international visitors to use their Visa cards while in Syria. This is an important milestone in the development of Syria’s payments ecosystem.”  Nadim Moujaes, CEO of Fransabank Group subsidiary, described the transaction as the first step in reconnecting Syria with international payment networks while maintaining high standards of governance and compliance.  Paymera CEO Michel Kattouah said the return of international card acceptance represents an important milestone in Syria’s digital transformation, helping connect businesses and visitors to secure digital payment services.  The transaction builds on Visa’s recent engagement with Syrian authorities and financial institutions, including hosting its first industry forum in Damascus in February 2026 and signing an agreement with Syria’s Ministry of Communications and Information Technology in San Francisco earlier the same month to support the country’s payments infrastructure development.  The milestone comes as Syria accelerates efforts to reconnect with the international financial system following a series of Western policy shifts over the past 18 months. In July 2025, the United States lifted its comprehensive sanctions on Syria while retaining targeted measures against former President Bashar al-Assad, his associates and designated terrorist organisations. The European Union and the UK also eased many of their economic sanctions, reopening sectors including banking, trade and investment to international engagement.  According to Reuters, the momentum gathered further this week when the United States formally removed Syria from its list of State Sponsors of Terrorism, ending a designation that had been in place since 1979. The move removes one of the biggest legal and compliance hurdles for international banks, payment networks and investors, paving the way for companies such as Visa to re-establish services and support Syria’s reintegration into the global financial system. (ICE BEIRUT)

Fonte notizia: Gulf Business