Payment services provider Worldline has announced a strategic partnership with Turkey-based fintech Lidio to help its international ecommerce businesses access the Turkish market. Through this collaboration, Worldline and Lidio will provide a solution that will not only enable the former’s clients to enter Turkey’s growing ecommerce market, but will also support international merchants and their consumers with the following: A one-stop-shop approach towards processing in Turkey, with no requirement for a local entity; Access to the most popular payment methods, including Troy card scheme; Increased payments performance through access to local acquiring; Decrease in traditional high costs of cross-border payments; Limited foreign exchange risks via same-day exchange in their preferred currency.

The solution helps minimise the time and investment required when starting to process and accept payments from Turkey. Additionally, it helps maximise conversion rates and drive payment performance, while simultaneously remaining compliant with local regulations and legislation. The solution follows Worldline’s strategic approach towards helping global online businesses enter growth markets and comes after already launched solutions for Brazil, China, India, and South Korea, as advised by company representatives in the press release.

As it aims to support merchants in their efforts to enter and grow in these ecosystems, the enterprise conducts extensive analysis to ensure that businesses comply with local governmental regulatory standards and create solutions based on consumers’ preferences to drive cross-border growth. Worldline officials believe the Lidio joint offering will help ensure that a wide array of international digital merchants have access to the Turkish market and that they are placed to secure a successful implementation of their goals in the region. Lidio spokespersons added that they believe this partnership to bring opportunity for online merchants that are looking to take advantage of the country’s rapidly growing digital market.

The ecommerce market in Turkey The Turkish ecommerce market is thought to bring forth increased opportunities, having grown 37-40% on a yearly basis between 2017 and 2020, according to BKM, the Interbank Card Center in Turkey. In 2021, there was a 75% acceleration, following the COVID-19 pandemic and the consumer’s shift towards online spending, and current figures show no signs of this trend slowing down. Having experienced this digital marketplace evolution, the country is ready to be tapped into by international businesses that are looking to do cross-border commerce there, with the official Turkish Government statistics disclosing the following: An 86 million people population; A 77.

2% penetration of both internet and smartphones as reported in 2021; Ecommerce sales in 2021 worth USD 24. 4 billion; And a 75% increase in ecommerce sales in 2021. Despite this, the online payment landscape is driven by cards and local transactions are the most predominant, with 95% of card transactions being made locally.

By providing this type of payment, increased access is offered to local consumers. Additionally, potential entrants to this market face a number of key challenges of the likes of low approval rates, high cost of cross-border payment, FX risks, and local entity requirements. For businesses to achieve success in this market, it is thought to be critical to understand these difficulties and to have a payment solution that addresses them.

Having this knowledge at its basis, the Worldline – Lidio collaboration aims to bring a solution to market that supports international online businesses with their scalability in the region. Worldline activates in the payments industry as a technology partner for merchants, banks, and acquirers. Its services include in-store and online commercial acquiring, secure payment transaction processing, and other digital services.

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