PAY.ON, the web-based payment infrastructure systems provider, has integrated the payment network of Turkish routing gateway iyziconnect by iyzi Payments into its services. With immediate effect, PaySourcing and PayPipe offer payments service providers and independent sales organisations (PSPs/ISOs) direct access to the otherwise strongly fragmented Turkish payment market.
It added that the integration between the two companies extends their strategic partnership that began in April.
The Turkish electronic commerce (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 Bankalararasi Kart Merkezi (BKM), the central Turkish bank card agency, online goods worth a total of 30.7bn Turkish lira (TRY) were sold in 2012, compared with TRY22.9bn in 2011. Elektronik Ticaret ??letmecileri Derne?i (ETID), the association of Turkish internet retailers, expects the volume of business to double by 2015, and it is expected to grow to TRY316bn by 2023.
Fragmentation of the Turkish payment market poses a special challenge for international PSPs and ISOs, with consumers primarily using local credit cards, debit cards and loyalty cards, which are only issued in their own regions. These cards are processed exclusively by certain local banks. Iyziconnect, offers a specialist gateway that efficiently 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 and cover around 50% of Turkish cardholders.
“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,” said Markus Rinderer, chief executive officer (CEO) PAY.ON. “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.”
“iyziconnect is the payment bridge to Turkey; it provides PSPs and e-commerce companies with a connection to their platforms, integrating all pertinent payment methods in Turkey,” added Barbaros Özbugutu, CEO, iyzi Payments. “This in turn vastly facilitates access to the Turkish market for foreign companies.
“After successfully launching our iyzico product in Turkey in April, which is based on the COPYandPAY solution by PAY.ON, cooperation with iyziconnect now means a further intensification of our cooperation with PAY.ON; this is something that we are delighted about.”
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.