The growth experienced in e-commerce was also reflected in card spending habits. While 2022 data of the Interbank Card Center revealed that card payments made online increased by 126%, a new player that offers 360-degree payment solutions has joined the fintech industry.
E-commerce, one of the fastest-growing sectors in recent years, has also led to a change in card payment habits. Data released by the Interbank Card Center (BKM) revealed that the amount of online card payments increased by 126% in 2022. The share of card payments in internet shopping in total card payments was announced as 26%.
The rising demand for online payments has also increased the competition among payment institutions that offer online payment solutions to member merchants. Vepara, the electronic money and payment institution licensed by the Central Bank of the Republic of Turkiye (CBRT) in August 2022, started its activities with 360-degree payment solutions such as virtual POS and digital wallet.
Pointing out that they are one of the two companies that received a license from the CBRT as of 2022 and started their activities in 2023, Vepara CEO Volkan Ustun said, “We started our activities with the aim of providing more flexible payment infrastructures and financial solutions to both end users and member businesses. Our first product was the virtual POS, which relieved member merchants of the burden of contracting with more than one bank.”
The volume of online payments in 2022 exceeded ₺1.2 trillion
According to BKM data, the amount of online card payments, which is known to be around ₺454.5 billion in 2021, exceeded ₺1.2 trillion in 2022. Stating that the growth is the adoption of e-commerce by businesses of all sizes and end users getting used to the convenience of online shopping, Volkan Ustun said, “One out of every 5 payments is made online in Europe. Today, users expect every business they prefer to offer more payment options, to support special installments for different banks’ card programs, and to offer a secure payment infrastructure for online shopping. Businesses have to deal with banks one by one to establish a comprehensive payment infrastructure that responds to these demands. This is where the virtual POS solution comes into play. Installment facility for all card programs can be provided by using a single payment tool.”
Possibility to start receiving payments quickly with a single integration
Pointing out that the virtual POS solution they developed as Vepara can offer installments to all card programs, Vepara CEO Volkan Ustun said, “Although it is a new product, our virtual POS infrastructure, which we have achieved nearly 100% success rate, gives businesses the opportunity to start receiving online payments with a single integration. Vepara Virtual POS, which also includes the Payment Receipt infrastructure and can be easily integrated with infrastructures such as Opencard, WooCommerce, Magento, PrestaShop, offers payment screens with a user-friendly interface to member merchants in minutes. Member merchants can monitor all payment processes from a single panel. It can also send bulk money using a single spreadsheet file. Our card storage feature stands out as one of the solutions that distinguish it from competitors, especially for companies that want to receive periodic payments from their customers.”
“We aim to be one of the most preferred fintech companies”
Pointing out that there are no surprise fees such as integration fees or dues in the virtual POS product, Volkan Ustun said, “Every member merchant, regardless of turnover, can benefit from the Vepara virtual POS solution with competitive commission rates. All payments made through this infrastructure are transferred to the account of the merchant the next day.” Emphasizing that they aim to become one of the most preferred fintech companies in Turkiye, Volkan Ustun concluded his evaluations with the following statements: “In the future, we will also offer Android-based, low-cost and high-tech payment solutions such as Android POS and Soft POS for commercial customers. In this way, we will go beyond online payments and grow in the face-to-face payment solutions market. In addition, we continue to work to provide infrastructure for companies that are not licensed with our wallet-as-a-service product but want to receive payments with digital wallets. With its experienced, young and dynamic team and its approach that always prioritizes the demands of users, Vepara will be one of the leading companies in open banking and financial services in the future.”
Source: Egirisim / Prepared by Irem Yildiz