4 FinTechs streamlining the payments ecosystem in Turkey

The FinTech industry in Turkey has been dynamic and evolving in recent years, with consumers showing growing interest in cutting-edge innovations such as open banking, digital assets (including cryptocurrencies), and instant payments from their financial providers.

This dynamic environment, coupled with a plethora of emerging payment options, has spurred many industry players to explore ways to enhance the flexibility of their payment systems, ensuring they can swiftly adapt to evolving market demands.

As per a report by Statista, In 2022, the total value of digital payment transactions made in the country reached nearly $63.5 billion and is expected to rise to almost $137 billion by 2027. Considering the progress in the market, the path to a cashless Turkish society will be evident in the near future.

Below listed are 4 FinTechs streamlining the payments ecosystem in Turkey:

• Hepsipay

Hepsipay is a financial technology and digital payments company. It provides accessible, reliable, secure online payment services to consumers and businesses. Hepsipay offers merchants value-added services for scaling up their business beyond payments. The platform and team of experts can help streamline payments and simplify the business while providing easy and secure online payment for consumers.

• 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.

• PayCore

PayCore is a FinTech company that offers advanced, complete payment and processing solutions for the banking, telecom, and payment sectors. The range of PayCore processing services covers issuing, acquiring, payment gateway, digital payment acceptance, and digital cards.

• Papara

Papara is a FinTech company in Turkey dedicated to simplifying financial experiences for individuals and businesses. Papara’s user-centric approach makes it a trusted name in the Turkish digital payments landscape. The company offers a range of financial services, including a mobile wallet, prepaid card, and more.