Worldpay, a global leader in payments, has partnered with iyzico, the fastest growing payments provider in Eastern Europe and Turkey, to extend its payment services into Turkey. The collaboration is the first of its kind in the Turkish market, making it easier for global merchants to accept credit and debit card payments locally.
Through Worldpay, international businesses are able to work with a single payments provider across multiple markets, including Turkey, enabling them to improve transaction success rates and benefit from reduced operating costs. Global eCommerce players have seen their transaction success rates improve by up to 74% by processing locally through iyzico.
eCommerce in Turkey is set to grow at a CAGR of 13 per cent 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, 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."
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, 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".
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