Worldpay Expands Payment Processing into Turkey with iyzico
LONDON and ISTANBUL, January 11, 2018 – Industry leaders enter into partnership to back up local card acquiring capabilities.
Worldpay, the provider of secure payment services for small and large businesses, including payments online, has shaken hands with iyzico, the provider of a wide range of payment possibilities in Eastern Europe and Turkey, to extend its payment services into Turkey. This joint effort is foremost in the Turkish market, facilitating merchants worldwide to acquire credit and debit card payments locally.
Worldpay enables international businesses to work with a single payments provider throughout diverse markets, including Turkey, equipping them to enhance transaction success rates and get benefit out from reduced operating costs. Transaction success rates of Global eCommerce players were found to elevate by up to 74% via processing locally through iyzico.
eCommerce in Turkey is set to grow at a CAGR of 13 percent over the next four years, on track to be worth $17 billion by 2021 according to Worldpay’s annual Global Payments Report. Worldpay is ideally placed to help companies capitalise on opportunities presented by a highly dynamic market with huge growth potential.
Shane Happach, the CEO of Global eCom at Worldpay said: “The data surrounding the Turkish eCommerce market is pointing to explosive growth in the coming years. Everything about this country – from local regulations to its preferred payment methods – demand that merchants enter with a tailored strategy. We’re delighted to partner with iyzico, an industry leader, to offer our customers the local expertise to navigate the Turkish eCommerce market and tap into this opportunity.”
Customers are selecting the Worldpay-iyzico partnership for processing payments in Turkey as a result of their global expertise; support for major card brands Visa, Mastercard and American Express; Turkish local card brand Troy; and the local instalment payment options favoured by Turkish consumers, such as Bonus, Maximum, Paraf, World, Cardfinans, Axess, and Advantage.
Barbaros Ozbugutu, the CEO of iyzico said: “With a fast-growing economy, underpinned by strong consumer spending, Turkey is a huge potential market for global businesses, especially as 21.5 million online shoppers are generating $10 billion in eCommerce sales. But to unlock this potential, there are important considerations for international merchants. The key to success is to offer consumers a seamless shopping experience under unprecedented local expertise, just as they would expect with local brands. Our local payments know-how combined with Worldpay’s expertise will enable global merchants to process locally, thus increasing checkout conversion rates by up to 25%, as well as boosting acceptance rates by up to 91%. This, obviously, will be an important contribution to Turkey’s growth in the global eCommerce market”.
Worldpay is a leading payments company with global reach. They provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. They manage the increasing complexity of the payments landscape for their customers, allowing them to accept the widest range of payment types around the world. Using their network and technology, they are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. They help their customers to accept more than 300 different payment types. For more information, visit http://www.worldpay.com/global
Iyzico, as a payment service provider (PSP), creates innovative payment solutions for the e-commerce market. Providing SME’s with a fast onboarding and easy integration process in less than 24 hours, iyzico makes it possible for individual sellers to start global online commerce over their social media accounts with PCI-DSS certified infrastructure ensuring maximum security. Iyzico’s technology enables online businesses and enterprises to maximise acceptance rates and collect payments in their local currency through installments. Founded in 2013, iyzico is the fastest growing financial technology company in Eastern Europe and Turkey with 3.1 billion TRY annual transaction and volume of more than 300,000 online seller accounts. For more information visit: http://www.iyzico.com
Source: European Gaming Portal