Turkey’s largest bank Isbank is working with payments tech firm PPRO to boost its cross-border payments offerings.
Reports Friday (Feb. 24) said the bank is working with PPRO to help its merchant clients to offer alternative payment methods that can supports global transactions. Their collaboration also enables Isbank to give its corporate customers access to real-time payment solutions and e-wallets across more than two dozen markets worldwide.
Their partnership, Isbank deputy CEO Yalcın Sezen, is “opening the gates to secure eCommerce for our merchants, which will help boost Turkey’s export figures.”
Turkey has a growing eCommerce market, with top FinTechs like PayPal taking note. PayPal regional director for Turkey, the Middle East and North Africa, Kivanc Onan, told PYMNTS in 2015 that the firm estimated the nation’s eCommerce market to be worth up to $10 billion.
“Though,” he said, “that is still mainly on the domestic side of trade — Turkish merchants selling to Turkish consumers.”
Isbank”s latest move with PPRO hints at the nation’s expansion of eCommerce outside national borders.
According to PPRO, alternative payment technology is critical in helping businesses expand across borders.
“There are increasing variations of coffee: It’s not just black or with cream and sugar; it’s cappuccino, latte and so many other options,” said PPRO CEO Simon Black in an interview with PYMNTS’ Karen Webster in 2015. “The process of online payments — particularly outside of the U.K. and the U.S. — similarly includes a volume of significant distinctions, some of which can be quite surprising.”
The company also recently struck a deal with Vantiv in a similar move to aid merchants in their international ambitions.