MasterCard to buy Turkey's Provus

MasterCard to buy Turkey's Provus

MasterCard has moved to strengthen its position in the fast growing Turkish market, agreeing to buy local payments outfit Provus Bilisim Hizmetleri. Financial terms of the deal were not disclosed.

Founded in 2001, Istanbul-based Provus provides issuer and acquirer processing, prepaid, and ATM management services to banks, telcos and retailers.

The deal - slated to close in the fourth quarter - will increase MasterCard's processing presence in Turkey and help it push pre-paid and mobile payment services to banks in the country.

Javier Perez, president, MasterCard Europe, says: "Turkey continues to be a very exciting and growing market and this acquisition provides an important platform that will enable us to not only serve customers locally but also to continue to deliver innovative payment solutions across the region."

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