PayTR, which touches thousands of businesses in every province of Turkiye with its Virtual POS and new generation payment solutions suitable for the needs of SMEs, reached 110 thousand member businesses with an increase of 40% last year. Having increased its transaction volume by 125%, PayTR’s 2024 goal is to strengthen its multi-channel payment approach with new products and services by accelerating technology investments.
While the transaction volume of PayTR, one of Turkiye’s leading payment institutions, grew by 125% in 2023, the number of member businesses increased by 40% in the same period, reaching 110 thousand. While 120 new member businesses become PayTR every day, the demand of businesses for new generation payment solutions has increased.
In 2023, when innovations in the field of financial technology will not slow down, “speed, convenience and trust” will be decisive in the payment solutions chosen by SMEs in their digitalization journey.
While the virtual POS transaction volume grew by 114%, according to PayTR data, spare parts-automotive, electronics, furniture, education and clothing-accessories were the sectors that showed the highest increase.
Especially with the increase in the share of the young generation in consumption, debit card usage in PayTR member businesses increased its share according to the number of transactions. While the consumer’s preference for high-amount purchases was again credit cards, the share of installment purchases in the number of transactions decreased with increasing funding costs.
“Demand for new generation payment solutions has increased noticeably in 2023”
Market-leading new generation payment solutions such as Link Payment, NeoPOS, Mobile POS, Mobile Operator Payment, Subscription Method grew by 247% in 2023 and increased their share in the total transaction volume. The “Payment by Link” solution, which was mostly used by small and medium businesses last year, is an alternative to the mail order method that forces the end consumer to share card information, it enabled businesses to receive payments via the payment link sent via SMS, e-mail or WhatsApp, providing a safe payment experience for both end consumers and businesses. NeoPOS, which transforms NFC-enabled Android operating system phones and tablets into mobile phones, provides businesses with the convenience of receiving contactless payments with their mobile phones from anywhere they want, and also offers the opportunity to issue e-archives and e-invoices, has created a great convenience and cost advantage, especially in business lines that need more than one physical POS, such as package service and courier services.
“NeoPOS and Physical POS will be the two products we will talk about the most this year.”
Stating that they will continue to offer sustainable, innovative and reliable payment solutions to SMEs in 2024, PayTR CEO Merve Tezel said;
“The speed, convenience and cost advantage provided by the new generation payment solutions that digitalized SMEs meet through fintechs bring us together with more businesses every year. In 2024, we will continue to make it easier for businesses to receive payments anytime, anywhere, with our new generation payment solutions suitable for both online and physical sales platforms, taking into account the dynamics in different sectors. PayTR NeoPOS and Physical POS will be two products that we will talk about a lot in 2024 and focus on experience. As of this year, we added the feature of receiving installment payments to NeoPOS. I can say that our newly launched ‘Physical POS’ product, which enables businesses to receive payments from all banks with a single POS in their physical stores, will be one of the products we will invest in the most in 2024. In addition, we will continue to offer a secure payment experience for thousands of SMEs who want to get a share of the growing e-commerce market with our Virtual POS product, which can receive cash or installment payments from all banks with a single integration. We will implement innovations in the coming period to create a working environment where every individual feels strong and valuable. This year, we received the Great Place To Work certificate with the votes of our employees, and we are proud to receive this award three years in a row. As PayTR, we will continue to develop, learn and pursue innovations to provide our customers with a better experience every day in order to maintain our inclusive, human value-focused workplace culture.”
Source: Egirisim / Prepared by Irem Yildiz