Worldpay, a global leader in payments, has collaborated with iyzico, a payments provider in Eastern Europe and Turkey, to bring its payment services into Turkey.
The collaboration is the first of its kind in the Turkish market. The partnership will make it easier for global merchants to accept credit and debit card payments locally.
Using Worldpay, international businesses are able to work with a single payments provider across numerous markets, now including Turkey, enabling them to reduce operational costs and improve the success rate of transactions.
According to an annual Global Payments Report, conducted by Worldpay, Turkey is set to grow at a CAGR of 13 percent over the next four years.
Shane Happach, 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, demands 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.”
Barbaros Ozbugutu, CEO of iyzico, added: “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 $10bn 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”.