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Syrian Company for Electronic Payments completes first phase of electronic payment system

June 9, 2021
finance & economy

The Executive Director of the Syrian Company for Electronic Payments, Dr. Ayman Mallouk, announced that the company has completed the first phase of establishing the necessary infrastructure for electronic payment services, stressing that the future is still promising towards more electronic payment services.

The Syrian Company for Electronic Payments was created under Law No. 13 of 2012. It launched its system services in April 2020 as a first stage for the electronic payment service for fixed phone and electricity bills in Damascus and its countryside, and the fees for services of the transport directorates in the governorates through the banking channels of the BEMO and Al Baraka banks. Two public banks, namely Syrian Commercial and Real Estate Banks, and private banks, including Syria International Islamic Bank and Sham Bank will join later to the banking channels offering the e-payment services.

In a statement to SANA, Mollouk pointed out that the company's main objective is to expand the segment of citizens who benefit from the services of paying bills and fees electronically, so that the citizen can pay the largest possible number of financial bills. Therefore, the company does not deal with the citizen directly, but rather plays its role as a mediator. The company's system is characterized by high reliability, and this would contribute to the citizen's sense of security when paying, in addition to alleviating their burdens by saving time, effort and money.

Mollouk said that the citizen can pay all financial bills through banks and cellular companies associated with the e-payment system without incurring any additional expenses such as transportation fees and others.

Mallouk indicated that the company is currently working on conducting tests related to electronic payment of commerce services with some operating banks and cell phone companies. He pointed out that in the near future it will be possible to shop online and pay electronically, considering that electronic payment is an essential means of moving towards digital transformation, especially that the process of electronic payment in Syria is currently proceeding very well.

He confirmed that the standard framework Electronic bill payment and presentment (EBPP), on the basis of which the company's system was implemented, is one of the best internationally approved models. Therefore Syria is one of the first ten countries to adopt it.

syriatimes