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The finance industry has been transforming with concepts such as open banking, contactless payment, mobile wallet, and virtual POS. This transformation, led by financial technology companies, is also accepted by consumers with the convenience it offers.

*** This release is originally published in Turkish.

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ISTANBUL (TR) - Technology has brought many innovations in terms of financial services. While concepts such as open banking, contactless payment, and virtual POS have gained a place in our lives, mobile payments have also become widespread with the decrease in cash usage. According to the data of the Interbank Card Center, 8 million transactions were made with mobile and QR code payments in the first three months of 2022, while the total transaction amount exceeded 1.1 billion TL. In Marqeta's research, it was seen that three out of four people use mobile wallets.

SIPAY Business Development Director Volkan Üstün shared his evaluations of the latest developments and said, “While physical wallets are becoming a thing of the past, innovative mobile wallets are becoming widespread. Digital wallets, which offer 24/7 free money transfer and secure shopping without the need for banks, can be developed with new features. As Sipay, which operates with a dynamic and innovative perspective in financial technologies and payment systems, we offer digital wallet solutions for individuals and institutions.”

“Open banking makes life easier for individuals and organizations”

Pointing out that the concept of open banking has a role in the developments that increase consumers' access to financial services, Volkan Üstün said, “Although it has only just begun to sprout in our country, open banking is a concept closely followed by the world. While the sector has an annual growth rate of 117%, it is estimated that the number of open banking platforms globally has reached 1,562. The open banking concept, which improves the customer experience and connects all financial-related systems, facilitates the work of both individuals and institutions. Solutions such as virtual POS or payment via link accelerate the payment processes of businesses, especially at a time when e-commerce is growing rapidly. Data matrix and mobile wallet technologies save time for individuals. As one of the innovation-oriented representatives of Turkey's rapidly developing financial technologies sector, we increase the financial competencies of companies with our solutions such as virtual and mobile POS, payment via a link, and corporate digital wallet.”

“SuperApp” era begins in finance

Stating that consumers find answers to their daily needs with mobile devices, Sipay Business Development Director Volkan Üstün said, “This shows that the world is heading towards the 'superapp' concept that can fulfill multiple functions. Apple's announcement of the 'buy now, pay later' feature at its latest event proves the trend towards centralizing all financial technology innovations in single apps. This table encourages each brand to develop their own financial solutions, wallets, prepaid cards, and loyalty programs. As Sipay, we announced our WalletGate solution, which offers wallet technology as a service, at the beginning of this year, so that regulatory processes do not hinder innovation. While transforming financial functions into a functional platform for brands, we offer businesses the opportunity to establish their own fintech companies.”

“Business development and project teams have a lot of work to do”

Reminding that companies from every sector should prioritize their R&D investments in order to keep up with the developments, Volkan Üstün concluded his evaluations with the following statements: “Today, businesses gain a competitive advantage not with their products and services, but with how they present them. Companies that follow the world closely and shape their strategies accordingly, making the lives of consumers easier, take a few steps ahead. Of course, hard teamwork is required to produce pinpoint solutions by listening to customers. Business development and project teams play a leading role in this regard.”