Syria Collaborates with "MasterCard" to Develop Digital Payment System

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The Syrian Minister of Finance, Mohammad Yaser Barnieh, and the Governor of the Central Bank of Syria, Mohammad Safwat Raslan, discussed with the CEO of Mastercard, Michael Miebach, and senior officials of the company at its headquarters in New York City, the prospects for cooperation to develop the digital payment system and government financial services.

The Ministry of Finance explained that Barnieh reviewed during the meeting the plan to develop financial management and the digital transformation of the ministry, and to develop the digital infrastructure for government financial services. The discussion included opportunities to benefit from the advanced technologies and solutions provided by Mastercard, which supports the ministry's vision.

The ministry stated that the meeting addressed enhancing the digital collection of government fees and taxes, digitizing government payments and purchases, and developing the salary and wage payment system to enhance efficiency, speed up achievement, and reduce the use of cash on one hand, while supporting the establishment of financial integrity and reducing corruption and financial crimes in government financial transactions, according to the Syrian News Agency "SANA."

The ministry added that Mastercard, in addition to payment card services, which it has initiated with banks in Syria, offers services and solutions for modern digital payment technologies, including government payments.

In May of last year, Mastercard announced the completion of the necessary technical readiness to process international bank card transactions within Syria, in a move that is the first of its kind in more than 15 years, paving the way for reconnecting the Syrian market to the global payment network.