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Turkey PayCore hooks new majority investor

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Mediterra Capital is expanding its portfolio with a significant new investment that will give Turkey’s largest private equity firm a stake in the country’s rapidly growing digital payments industry.

On Wednesday October 14, Mediterra announced that it had signed a share purchase agreement giving it a majority stake in PayCore, one of the leading providers of software and payment platforms in Turkey.

Closing the deal is subject to regulatory approval, the companies noted, with no timeline.

PayCore has been pushing to expand globally from its home base in Turkey, after acquiring Mastercard Payment Transaction Services Turkey Biliim Hizmetleri A .., which has a footprint that spans over 12 countries .

Launched in 2001, PayCore notes that more than one million point of sale terminals in Turkey run with software developed and supplied by the company.

In addition, PayCores software helps facilitate 60% of all credit card transactions in Turkey, the company said.

This move is accompanied by growing interest in digital payments among Turkey’s relatively young population, with around half of the country under the age of 30, writes H. Bader Arslan, General Secretary of the Assembly of Exporters. Turkish.

No less than 56% of Turkish consumers have made a mobile payment at one time or another, compared to just a quarter in France and 23% in Germany, according to an ING study.

Turkish President Recep Tayyip Erdogan has also pushed for the country’s central bank to deploy its own digital currency.

Increased domestic and foreign investment in Turkey’s FinTech sector, as well as above-average acceptance of payment cards and [a] a tech-savvy population, enables an economy ready to transition to cashless technology, Arslan noted in an article by Summary of finances.

Yet challenges remain, with Turkish consumers not quite ready to give up cash altogether, such as Dr Soner Canko, CEO of the Turkish banking consortiumInterbank card center, PYMNTS said.

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