Visa, Mastercard begin international card payments in Syria after US lifts designation

• The U.S. formally removed Syria from the state sponsors of terrorism list on Monday, eliminating what had been a major deterrent to international banks and investors since the designation was imposed in 1979
• Syrian President Ahmed al-Sharaa participated in Visa's test transaction at a Damascus restaurant, while QNB Group and Mastercard completed the first end-to-end international card payment in Syria
• Syria's government, which took power after rebels toppled Assad in December 2024, has made restoring access to global finance and attracting foreign investment central to its economic strategy

Summary

Visa and Mastercard executed their first international card transactions in Syria on Wednesday, August 27, marking a significant milestone in the country's reintegration into the global financial system. This development came just two days after the United States removed Syria from its state sponsors of terrorism list on Monday.

Qatar's QNB Group partnered with Mastercard to complete what it called the world's first end-to-end international card payment in Syria, while Visa conducted its first live transaction with Lebanon-based Fransabank. Syrian President Ahmed al-Sharaa participated in the Visa test by making a card payment at a Damascus restaurant, alongside Central Bank Governor Mohammed Safwat Raslan.

The U.S. designation, imposed in 1979, had been a major deterrent to international banks and investors. While Washington dismantled comprehensive sanctions on Syria in December of the previous year, the terrorism designation continued to create legal and compliance risks for financial institutions. Targeted measures against former President Bashar al-Assad, rights abusers, drug traffickers, and terrorist affiliates remain in place.

Syria's Foreign Minister Asaad al-Shibani described the designation removal as "the last obstacle" to reconnecting Syria with the global financial system and boosting investment. The current government, led by Sharaa after rebels toppled Assad in December 2024, has prioritized restoring access to global finance as central to its economic strategy.

Visa plans to enable international visitors to use their cards in Syria, while QNB will gradually add eligible Syrian merchants—including hotels, restaurants, and government entities—to accept international Mastercard payments through a phased rollout subject to regulatory approvals.