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PAY.ON Opens up Direct Access to the Turkish Payment Market to PSPs/ISOs with iyziconnect by iyzi Payments
Jul 04, 2013 (03:07 AM EDT)
MUNICH and ISTANBUL, July 4, 2013 /PRNewswire/ --
PAY.ON, the world's leading provider of multi-channel Web-based payment infrastructure systems, has integrated the payment network of Turkish routing gateway iyziconnect by iyzi Payments into its services. 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 per cent 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."
Barbaros Özbugutu, CEO iyzi Payments: "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. 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."
The iyziconnect routing gateway provides dedicated connections to pertinent Turkish payment methods and financial institutions, including acquirers. At the same time, it fully complies with the internationally applicable payment card industry (PCI) and security guidelines. The available payment methods include +Bonus Card, Maximum Card, World Card, PayPal, Parakod, iPara, Mangir Kart and paysafecard. More payment methods will follow shortly.
About iyzi Payments:
iyzi Payments was founded in 2012 in Istanbul by Barbaros Özbugutu and Tahsin Isin. The CEO and CTO respectively have many years of experience in the industry and have managed core divisions of well-known e-commerce companies such as First Data, ClickandBuy and Klarna. With iyzico, iyzico Plus and iyzico Premium, the company maintains a simple and secure payment platform for companies of any size in the e-commerce sector. In addition to this, iyzi Payments helps PSPs and international online retailers to process transactions within and with Turkey using a single API, iyziconnect, its own routing gateway. iyzi Payments facilitates payment for all stakeholders thanks to a highly specialised team of e-commerce experts and an innovative technology platform specially designed for the Turkish market. Further information can be found at http://www.iyzipayments.com.
PAY.ON AG is the world's leading operator of mulit-channel payment infrastructure systems and supplier of the white-label platform PaySourcing and the routing gateway PayPipe. PaySourcing makes it possible for customers to outsource all relevant payment and risk management processes or procure them via cloud computing and thus become a payment service provider themselves whilst saving money, time and resources. PayPipe is a high-performance payment gateway that connects all payment market participants with each other across the world via a single interface. Accordingly, PayPipe accelerates global availability for all market participants like no other network. PayPipe allows transactions to be processed online for all payment methods in all currencies and across all systems. All PAY.ON systems guarantee compliance with the security and requirements standards that apply to the international payment market. Further information can be found at http://www.payon.com.
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SOURCE PAY.ON AG