Mastercard Reopens Syrian Market After 15-Year Lockout Amid Visa Competition
Mastercard has reopened its services in Syria after more than 15 years of being locked out of international card payments. The global payments network partnered with QNB to complete the first end-to-end Mastercard transaction, which marks a significant milestone for the project. This development comes as Visa also tested its own payment system in the country.
The removal of Syria from the US terrorism-sponsor list has paved the way for international companies like Mastercard and Visa to operate in the country. However, turning this single successful payment into a fully functioning nationwide network will be a challenging task. To achieve this, more cards, merchants, and cross-border transactions are needed.
Mastercard's second-quarter revenue increased by 14% to $9.28 billion, with an adjusted operating margin of roughly 61.1%. While the Syrian market is not expected to significantly impact these numbers in the short term, it has the potential to drive growth and increase the company's valuation.