ReD, a leading fraud prevention provider, and Turkish payments provider 3pay, have brought an integrated, world class fraud prevention and payments solution to Turkey, one of the fastest growing ecommerce markets in Europe.
The initiative is supported by Inseva Technologies, ReD's regional partner, and marks ReD's first venture in the Turkish market.
According to Euromonitor, the Turkish ecommerce market is predicted to grow over 100% from 2012 to reach an estimated $6.6bn by 2017. With ecommerce transactions rapidly increasing in both volume and value, the need to process card-not-present (CNP) payments in a fast, secure and efficient way is now of paramount importance to merchants in Turkey, as is the ability to recognise and retain loyal customers. The new agreement between ReD and 3pay will see the industry leading ReD Shield® fraud prevention solution offered to 3pay merchants as an integrated component of 3pay's core payments service. This will help merchant customers to grow their businesses safely by reducing their exposure to risk whilst protecting revenues from genuine transactions.
Alper Akcan, Chief Executive Officer at 3pay, commented: "It is vital that our customers have access to best-in-class fraud prevention solutions as they go through this period of rapid change. We therefore wanted to look for a fraud prevention specialist who has clear and demonstrable experience operating across the world and in new, fast-growing ecommerce markets. ReD has this proven expertise and the company's team of analysts are very experienced in partnering with payment gateways to provide effective and tailored solutions that support customer needs."
"Turkey is experiencing a rapid uptake of ecommerce, making it a strategic geography for ReD and a market where our solutions can provide huge benefits", added Manish Patel, Regional President EMEA at ReD. "Our working knowledge of high growth markets and our success in supporting merchants across a diverse array of sectors means we can provide effective and tailored services that support both 3pay and its customers as they look to capitalise on the market opportunities that lie ahead."
Erol Kaya, Managing Director of Inseva Technologies, commented: "Through our local partnership we aim to provide e-commerce merchants and PSPs with easier access to ReD's world class solutions, supported by our local market expertise and on-the-ground presence. ReD's risk analyst team and payment market know-how will be an important asset that will benefit a variety of players in the Turkish e-commerce market, supporting effective fraud prevention strategies and upholding positive customer experiences".