Following the agreement, PaySourcing and PayPipe offer PSPs/ISOs direct access to the Turkish payment market. 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 USD 15.77 billion (30.7 billion Turkish lira) were sold in 2012. ETID, the association of Turkish Internet retailers, expects the volume of business to double by 2015.
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.
iyzi Payments was established in 2012 in Istanbul, by Barbaros Özbugutu and Tahsin Isin, who have previous experience in leading European e-commerce companies such as First data, ClickandBuy and Klarna.
Founded in 2004, PAY.ON offers global outsourcing services and routing for monetary transactions, wallet solutions, risk management and monitoring services, as well as various technical solutions.
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