The Central Bank of Syria issued on Monday Decision No. /259/, which allows banking financial institutions and licensed electronic payment companies operating within the country to deal with international payment companies such as Visa and Mastercard. This step aims to open new horizons for developing payment systems.
Developing financial systems and global integration
The Governor of the Central Bank of Syria, Abd al-Qadir al-Hasri, explained that the decision paves the way for a new phase in the development of payment systems. It also enhances the integration of the Syrian market into the global financial system, after a long period of reliance on traditional and limited payment tools.
Facilities for Travelers and Residents
The decision allows Syrians visiting their country to easily use their international bank cards within Syria. It also provides Syrians traveling abroad greater flexibility in using their cards for payments worldwide, enhancing their financial experience.
Support for E-commerce and Security
The decision aims to promote the adoption of electronic payment methods and reduce reliance on cash, thereby supporting e-commerce and startups. It also enhances security and reliability in all financial operations inside and outside Syria.
What Could the Decision Change for Users in Practice?
According to the report, the decision allows licensed financial institutions and electronic payment companies to deal with global payment companies such as Visa and Mastercard. Its importance lies in establishing a regulatory path for the development of card and electronic-payment services in Syria for residents, travelers and visitors arriving from abroad.
However, regulatory permission does not automatically mean that all banks, merchants and payment terminals are immediately ready to accept international cards. Practical availability would still require operating arrangements, technical connections and clear announcements from licensed providers that the relevant services have actually started.
What Should Users Verify Before Relying on the Service?
Once services linked to the decision begin to be offered, users should verify the licensed provider, actual card-payment or withdrawal availability, possible fees, usage limits and the process for disputing incorrect transactions. In this sense, the decision represents an important enabling step, while operational details will determine its everyday usefulness for consumers and businesses.
Keywords
- Syrian Economic News
- Syria News
- Governor of the Central Bank of Syria
- Abdul Qader Al-Hasriyah
- The Syrian Economy
- Visa
- Mastercard
- Electronic payment
- Central Bank of Syria
