Payments processor Worldpay is expanding into Turkey with the help of an Istanbul-based e-commerce provider, which also operates as a payment facilitator.
Worldpay announced its plans to expand jointly with iyzico, which it described as the fastest growing payments provider in Eastern Europe and Turkey, last week.
iyzico will help give Worldpay the local expertise it needs to capitalize on the opportunity there, the company 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,” Shane Happach, CEO of Global eCom at Worldpay said in the press release.
“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.”
Launched in 2013, iyzico claims an online seller account base of 300,000. Stating its ambition to become “the Stripe of the region” early on, as quoted in TechCrunch, the company has attracted investment from venture capital firms interested in the region’s strong consumer base and high card penetration.
While aspects of the country’s economy are attractive, firms from outside the region have hurdles to overcome when attempting to get a foothold there. PayPal, for example, announced in 2016 that it was exiting Turkey after being denied a payments license it needed to do business there.
The Worldpay / iyzico partnership announcement came a few days ahead of the confirmation that Vantiv has completed its acquisition of Worldpay.
The new company, which is now named Worldpay, is likely to provide payment facilitators with easier access to a global market, Rick Oglesby, president of AZ Payments Group, told PaymentFacilitator.com when the merger was announced.
In a press release, Philip Jansen, co-CEO of Worldpay said, “The new senior leadership team is in place and has already begun to implement our plan to integrate the two businesses, delivering new value for customers, realizing cost synergies and capturing revenue opportunities that will benefit our shareholders.”
“This will be evidenced as Worldpay creates customer-centric innovation at scale, leveraging our combined operations, technology infrastructure and data and analytics capabilities,” he said.