4 FinTechs boosting payment ecosystem in Turkey

By Delisha Fernandes

The FinTech industry in Turkey has experienced substantial growth in recent years, driven by increased internet penetration, widespread use of mobile devices, and a youthful, tech-savvy population.

Payments are an integral part of every individual’s life be it offline or online, and with the digitization of the transaction ecosystem, the magnitude of payments taking place every minute has surged at an unprecedented rate.

However, for payments to be a hassle-free phenomenon, technology providers facilitating payments need to be equipped with the latest next-gen technology and data stack to make transactions through all channels and mediums a simplified experience.

According to an IBS Intelligence report, more companies are asking banks for embedded financial experience than ever before. It’s expected that APIs will have the biggest impact on B2B payments over the next two to three years, with both larger (51%) and smaller (39%) companies identifying this as their top choice.

Listed below are 4 FinTechs boosting payment ecosystem in Turkey :

• Finartz

Finartz is a FinTech company founded in 2016 in Istanbul. With the vision of innovative solutions for cashless society, Finartz aims to empower financial and non-financial institutions with innovative technology to enhance their operations and customer experiences in the digital age. Finartz emerged as a Fintech Studio with a mission: to revolutionize payments, making them easier, safer, and seamless.

• Moka

Moka is a payment service provider that offers mobile payment and customer relationship management solutions for businesses. It provides the opportunity to use technologies in daily operations, without the need for large infrastructure investments for businesses of all volumes operating from retail to food in all sectors, and provides mobile payment capability in face-to-face shopping. It offers payment solutions developed by all global card payments for the needs of the businesses in the retail sector.

• Param

• iyzico

iyzico was founded in 2013 to provide online payment services and artificial intelligence-based payment technologies to businesses of various sizes in the world of e-commerce. By making complex payment processes simple through its easy and secure platform, iyzico has achieved significant success by supporting thousands of businesses in digitalisation. It was acquired by the global payment systems giant PayU in 2019.