Worldline [Euronext: WLN], a global leader in payments services, has announced a strategic partnership with Lidio Payment Services Inc (Lidio), one of Turkey’s leading Fintech companies.
The Turkish e-commerce market is one of the most vibrant in the world. According to BKM, the Interbank Card Center in Turkey, e-commerce grew 37 to 40% per annum between 2017 and 2020. This accelerated in 2021 with a stunning 75% as the pandemic shifted consumer spending to the online world. Current figures show no signs of this trend slowing down. With such an impressive digital marketplace, the country is ready to be tapped into by ambitious international online businesses looking to do cross-border commerce there. Official Turkish Government statistics disclose:
• A population of 86 million
• 77.2% penetration of both internet and smartphones (2021)
• 2021 e-commerce sales of $24.4 billion
• E-commerce sales growth in 2021 was 75%
However, the online payment landscape is driven by cards and dominated by local transactions, with a staggering 95% of card transactions made locally. Offering this form of payment increases access to local consumers significantly. Furthermore, there are a number of other key challenges facing potential entrants to this market, such as low approval rates, high cost of cross-border payments, FX risks and local entity requirements.
Understanding these difficulties and having a payment solution to overcome them is absolutely critical to achieving success in this highly desirable market. Worldline, in conjunction with Lidio, seeks to do just that and its new solution supports international merchants and their consumers with:
• A one-stop-shop approach for processing in Turkey without the requirement of a local entity
• Access to the most popular payment methods, including Troy card scheme
• Increased payments performance through access to local acquiring
• Reduction in traditional high costs of cross-border payments
• Limited foreign exchange risks through same-day exchange in your preferred currency
The solution therefore minimises the time and investment required to start processing and accepting payments from Turkey, while maximising conversion rates and driving payment performance - not forgetting seamless compliance with local regulations and legislation.
Guillaume Tournand, Head of Growth for Merchant Services at Worldline, added: “This new solution is part of our strategic approach to help global online businesses enter high growth markets. It follows solutions already launched for Brazil, China, India and South Korea. To support merchants in their efforts to enter and grow in these unique ecosystems, Worldline conducts extensive analysis to ensure that businesses comply with local governmental regulatory standards and tailor solutions to the preferences of the consumer to help drive cross-border growth.”
Emre Güzer, Co-Founder & CEO of Lidio, said: “We are very pleased to be working with Worldline to bring this solution to the market here in Turkey. As one of the most rapidly expanding marketplaces that uniquely crosses the divide between Asia and Europe, we seek to facilitate and participate in this growth. Our joint e-commerce proposition enables us to offer customers a seamless solution and ensure maximum satisfaction.”
Roman Tazetdinov, Head of Turkey Geo Expansion at Worldline, commented: “We are delighted with this strategic partnership with Lidio. Our joint offering will go a significant way to ensure that the widest possible array of international digital merchants have access to this hugely exciting market and are best placed to secure a successful implementation of their ambitions here.”
Ece Berkol, Chief Commercial Officer of Lidio, added: “We’re extremely excited to bring this e-commerce solution to market together with our valued partner Worldline. Our partnership undoubtedly presents a great opportunity for online merchants looking to take advantage of Turkey’s digital market that is growing at a rapid pace.”