Monday 15 February 2016

Turkey's Iyzico Beats PayPal to Unlock Iran's E-Commerce System - Bloomberg Business

Turkey's Iyzico Beats PayPal to Unlock Iran's E-Commerce System - Bloomberg Business:

"An Istanbul-based payments startup says it’s signed a deal that smooths the way for companies seeking to follow it into Iran’s $400 billion economy.
Iyzico’s agreement with Tehran-based electronic payments platform PECCO lets its customers process transactions from some 230 million payment cards that until recently weren’t connected to any financial system outside Iran, according to Barbaros Ozbugutu, Iyzico’s German-Turkish chief executive. The deal is the first of its kind, he said in an interview in Istanbul.
Since visiting Tehran last year, the founders of the World Bank-backed company have been working on expanding in Iran, Ozbugutu said. That gives them a foothold in a country that’s been so far untapped by U.S.-based competitors Paypal Holdings Inc. and Stripe Inc."



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