With immediate effect, PaySourcing and PayPipe offer PSPs/ISOs the direct access to the otherwise strongly fragmented Turkish payment market. PAY.ON thus further simplifies global transaction processing. With the integration the two companies are extending their strategic partnership that began in April.
The Turkish e-commerce sector is an emerging market in international comparison and is showing substantial growth, in particular because of the young and especially web-savvy population. According to BKM, the central Turkish bank card agency, online goods worth a total of 30.7 billion Turkish lira were sold in 2012, compared with 22.9 billion in 2011. ETID, the association of Turkish Internet retailers, expects the volume of business to double by 2015, and it is expected to grow to 316 billion Turkish lira by 2023.
Fragmentation of the Turkish payment market poses a special challenge for international PSPs and ISOs. Consumers thus primarily use local credit cards, debit cards and loyalty cards, which are only issued in their own regions. The card in question is processed exclusively by certain local banks. The solution for this scenario is iyziconnect, a specialist gateway that quickly, easily and instantly provides a connection to the Turkish payment network – and which has now been integrated into the global PAY.ON network. Among others, Garanti Bank, Isbank and Yapi Kredi bank are already integrated; they cover approximately 50% of Turkish cardholders.
Markus Rinderer, CEO PAY.ON AG: “PSPs/ISOs – and their merchants – supported by PAY.ON can now use PaySourcing and PayPipe also to access Turkey-based payment methods and local payment providers. The basis for this is our collaboration with iyzi Payments, including the related transfer of knowledge to perfectly match the specific characteristics of the Turkish market. We have thus extended our global payment infrastructure, adding an important building block, and we will continue to focus increasingly on new and financially strong regions.”
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