Syria launches first local payment card on global network

Syria's central bank governor Mohammad Safwat Raslan attended a ceremony in Damascus on Sunday as QNB Syria launched the country's first locally issued electronic payment card on the Mastercard network, reconnecting the nation's banking sector to global financial systems after more than 15 years.

Card launch restores global connectivity

The launch follows Syria's reconnection to the Mastercard network earlier this year and completes the first transaction using an international Mastercard in over 15 years. The Central Bank of Syria said in a statement that the new card marks "a new milestone in the development of Syria's electronic payment and transfer system," covering both the restoration of acceptance for international cards and the issuance of local cards linked to global networks. QNB Syria partnered with Mastercard to issue the cards under the central bank's regulatory framework.

Regulatory reforms enable banking modernization

The central bank established the legal basis for international partnerships through Decision No. 259 issued in May, creating a regulatory framework for licensed financial institutions and electronic payment companies to work with global providers. The decision sets requirements for licensing, compliance, settlement, cybersecurity and data protection, and allows cooperation with qualified international networks without limiting institutions to a single provider.

The bank said it is working on two parallel tracks: developing national infrastructure for electronic financial services domestically and reconnecting the banking system with global payment networks. The central bank launched a new electronic payment system in August designed to expand options for individuals and businesses while maintaining cash availability, according to the institution.