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. The resulting PaySourcing and PayPipe offerings now mean payments service providers and independent sales organisations (PSPs/ISOs) have direct access to the otherwise strongly fragmented Turkish payment market.
The integration between Pay.On and the iyziconnect gateway extends a strategic partnership, which originally began back in April say the partners. The Turkish electronic commerce (e-commerce) sector is an emerging market and showing substantial growth, in particular because of the young and especially web-savvy population that are demanding mobile and other advanced financial services.
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 Ä°Åletmecileri DerneÄi (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 into the system and cover around 50% of Turkish cardholders.
“PSPs/ISOs - and their merchants - supported by Pay.On can now use the PaySourcing and PayPipe tools to also access Turkey-based payment methods and local payment providers,” said Markus Rinderer, chief executive officer (CEO) of 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 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.”