QNB Group announced the completion of the first integrated international payment transaction via MasterCard cards through QNB Syria, which represents an important achievement that links Syrian merchants participating in this service to the global payments network, and supports the process of reintegrating Syria into the international economic and financial system on a large scale. This transaction was approved, implemented and completed successfully across the MasterCard international network, which demonstrates the readiness of the payments infrastructure established by QNB Group and QNB Syria in cooperation with MasterCard.
This transaction comes in the wake of QNB Group’s earlier launch of international card acceptance services in Syria, and represents progress in ensuring the readiness of the payments infrastructure leading to the completion of a full operational payment cycle using international credit cards from MasterCard at a point of sale affiliated with the Group, where the transaction was approved, executed and completed in a completely secure manner, and the merchant received his money through the banking system.
This new service allows qualified merchants in Syria, including government agencies and companies operating in the hospitality, tourism and retail sectors, the ability to accept international payments using MasterCard credit cards via QNB Group’s point-of-sale devices. This service also provides international visitors and international card holders with a safe and convenient payment method, supports merchants’ participation in the formal digital economy, reduces dependence on cash, and improves the efficiency and transparency of payments.
Mr. Youssef Mahmoud Al-Nama, Executive General Manager and Chief Business Officer of QNB Group, said: The successful completion of the first international credit card payment transaction represents an important step in the development of the payments sector in Syria.
He added: This step helps move the acceptance of international cards from the infrastructure readiness stage to the actual implementation stage, and connects merchants to the international payments network. Thanks to the international spread of QNB Group, our presence in Syria, and our cooperation with the Central Bank of Syria, we contribute to establishing a secure and modern payment system that supports international merchants and visitors and enhances general economic activity in the country. This achievement reflects the group’s ability to employ its international expertise and trusted partnerships to support efforts to modernize the financial sector and the digital transformation process in all the markets in which it operates.”
For his part, Adam Jones, Regional President for the Western Arab Region at MasterCard, said: “At MasterCard, we are committed to working side by side with the Central Bank of Syria and our partners throughout the financial system to support efforts to modernize the country’s payment infrastructure and expand access to secure digital payment solutions. The successful implementation of the first transaction is an important step in that journey. Through our cooperation with Qatar National Bank – Syria, we are contributing to building the necessary foundations to expand the scope of accepting international payments in the Syrian market.”
This transaction represents the first integrated practical application of its kind in Syria, and embodies QNB’s commitment to supporting the Central Bank of Syria in the process of developing the payments infrastructure in the country. QNB Group, QNB Syria and MasterCard have collaborated closely to implement this solution in line with applicable regulatory requirements and international standards for payment security and operational resilience.
QNB Syria will adopt a disciplined approach in implementing this service, by gradually including qualified merchants from various priority sectors and locations, in accordance with applicable regulatory requirements and approvals. It is expected that the subsequent stages will contribute to expanding the scope of accepting international payments to include additional commercial channels and segments.
