Dr. Soner Canko, CEO of BKM and Jesus Verde, President and General Manager of Redsys announced that they have signed an agreement confirming their commitment to work together for interoperability of iupay and BKM digital wallets resulting in a mutual benefit.
BKM and Redsys have started a global strategy in order to allow all domestic wallets, which are appearing across Europe, to interoperate among themselves seamlessly, in an effort to leverage the power of digital wallets as a secure, easy to use worldwide payment system in the digital world. The first attempt towards this strategy is the interoperability of their own domestic wallets with the idea of partnership in the short-term, with other wallet players around the world.
In addition to their core services like switching, clearing & settlement, information services, BKM and Redsys provides their own national digital wallet, called BKM Express and iupay respectively, for all cardholders to conduct e-commerce purchases easier and faster in their own market.
Thanks to collaboration between BKM and Redsys; Turkish cardholders will be able to conduct e-commerce transactions at iupay merchants (more than 12,000 merchants already accept iupay) by using their BKM Express digital wallet and similarly Spanish cardholders will be able to shop online at BKM Express merchants that cover 40% of e-commerce market in Turkey by using their iupay digital wallet and without sharing any card information.
This cooperation is anticipated to be the first national wallet integration in the world. BKM and Redsys have been at the forefront of new payment technologies since their establishments. With the added leadership role in the emerging digital wallet ecosystem, both companies aim to encourage cross-country cooperation and globalization. Through such cooperation, parties aim to create means that will enable cardholders to shop online internationally with the security, ease and speed of their national wallets.