Visa Expands Into Syria, Enabling EMV Cards, Digital Wallets

Visa Inc. (NYSE:V) on Thursday disclosed a partnership with the Central Bank of Syria and local financial authorities to help integrate Syria into the global digital economy.

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Details

Visa will launch operations in the country and support the development of a modern payments ecosystem, following a phased plan to digitize financial services in line with global standards.

The company will focus on partnering with licensed financial institutions to establish a secure, interoperable payments infrastructure.

This includes issuing EMV chip-enabled payment cards and digital wallets with tokenization, ready for international use.

For merchants, Visa will support payment acceptance through the Visa Acceptance Platform, offering low-cost, open solutions like Tap to Phone and QR codes.

This approach aims to rapidly expand an inclusive network, empowering micro, small and medium enterprises (MSMEs) to engage in the digital economy and drive local job creation.

Major Expansion Deals

Of late, Visa has been partnering with regional companies to expand its footprint across the world.

On Wednesday, Visa penned a strategic deal with Circle Asia Technologies for expansion in Vietnam.

Last month, Visa announced it had partnered with Aquanow to expand its stablecoin settlement capabilities across Central and Eastern Europe, the Middle East, and the African region (CEMEA).

V Price Action: V shares are down 1.03% at $326.22 at publication on Thursday.

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