PayTR Reached 110 Thousand Merchant Members in 2023

It will continue to grow with new products and services it will offer in 2024 by investing in next generation payment solutions for SMEs.

PayTR, which touches thousands of businesses in every province of Turkey with Virtual POS and new generation payment solutions suitable for the needs of SMEs, reached 110 thousand member merchants with an increase of 40 percent last year. Growing its transaction volume by 125 percent, PayTR’s 2024 goal is to accelerate its technology investments and strengthen its multi-channel payment approach with new products and services.

While the transaction volume of PayTR, one of Turkey’s leading payment institutions, grew by 125 percent in 2023, the number of merchants increased by 40 percent in the same period and reached 110 thousand. While 120 new merchants become PayTR members every day, the demand of businesses for new generation payment solutions has increased.

In 2023, when innovations in the field of financial technology did not slow down, “speed, convenience and trust” were decisive in the payment solutions chosen by SMEs on their digitalization journey.

While the virtual POS transaction volume grew by 114 percent, according to PayTR data, spare parts-automotive, electronics, furniture, education and clothing-accessories were the sectors with the highest increase.

With the increase in the share of the young generation in consumption, debit card usage at PayTR merchants increased its share in terms of the number of transactions. While the consumer’s preference for high-dollar purchases was again predominantly credit cards, the share of installment purchases in the number of transactions declined due to increasing funding costs.

“Demand for next-generation payment solutions increased remarkably in 2023”

Market-leading new generation payment solutions such as Link payment, NeoPOS, Mobile POS, Mobile Operator Payment, Subscription Method grew by 247 percent in 2023 and increased their share in total transaction volume.

The “Payment by Link” solution, which was widely used by small and medium-sized businesses last year, enabled businesses to receive payments via SMS, e-mail or whatsapp, as an alternative to the mail order method, which obliges end consumers to share their card information, and provided a secure payment experience for both end consumers and businesses. NeoPOS, which converts NFC-enabled Android operating system phones and tablets into mobile phones, enabling businesses to receive contactless payments from anywhere with their mobile phones, as well as the opportunity to issue e-archive and e-invoices, has created a great convenience and cost advantage, especially for businesses that need more than one physical POS, such as takeaway and courier services.

“The number of registered cards in 2023 was 8.4 million”

Businesses using PayTR’s card storage solution facilitated the shopping experience of their customers, and the increase in successful transaction rates was effective in the growth of businesses.

Starting 2023 with awards, PayTR ranked first in the “Payment Systems” category at the eighth A.C.E. Awards organized by Şikayetvar this year to identify the brands that provide excellent customer experience, and received the Diamond award.

Great Place to Work has been awarded two years in a row for its efforts to create a work environment where every individual feels supported.®️ certificate again this year, PayTR, Great Place to Work®️ “Best Employers of the Year” list organized by the Institute. At the 21st Golden Spider Awards, the company won the second prize in the “Most Accessible Website” category, and ranked 6th in the Turkey-based Producer Sectoral Software category and 1st in the Izmir Companies category in the 500 IT Companies Turkey Survey. Within the scope of the Informatics Service Awards given at the 40th National Informatics Congress organized by the Turkish Informatics Association (TBD), PayTR received the “Digital Transformation Technologies Investor / Entrepreneurship award.

“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 states that they will continue their technology investments by focusing on customer experience and adds, “The speed, convenience and cost advantage provided by the new generation payment solutions that digitalizing SMEs meet through fintechs brings us together with more businesses every year. In 2024, we will continue to make it easier for businesses to receive payments from anywhere at any time with our new generation payment solutions suitable for both online and physical sales grounds, taking into account the dynamics in different sectors. PayTR NeoPOS and Physical POS will be two products that we will talk a lot about and focus on the experience in 2024. As of this year, we added the ability to receive payments in installments 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 the most in 2024. In addition, we will continue to offer a secure payment experience for thousands of SMEs that 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 continue to implement innovations in the coming period to create a working environment where every individual feels empowered and valued. We received the Great Place To Work certificate again this year with the votes of our employees and we are proud to receive this award for three years in a row. As PayTR, we will continue to develop and learn to sustain our inclusive, people-oriented workplace culture and pursue innovations to provide a better experience for our customers every day.”

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