Istanbul, Turkiye – June 05, 2024 – (SeaPRwire) – United Payment, a trailblazer with 14 years of significant experience, has become the first and only Turkish fintech company to secure an e-money license from the Central Bank of the Republic of Azerbaijan. This important license empowers United Payment to offer comprehensive services, including account opening, electronic money (e-wallet) solutions, Virtual POS services, both national and international money transactions. This feat catapults United Payment to the forefront of the fintech space within the region, setting a new standard for transformative innovation.
Since establishing its presence in Azerbaijan in 2020 and commencing operations in January 2022, United Payment has been the leading force in payment systems in Azerbaijan. This is the latest testament to the company’s commitment to expanding access to digital payment channels and enhancing financial inclusion in Azerbaijan. The e-money license will allow United Payment to launch the Turan finance app, which benefits users living in the Turkic States, furthering its mission of making financial services accessible to all.
CEO Ilker Sozdinler says: ‘As a company that has set the standards in regulating electronic money systems, we are thrilled to have been granted this license in such a strategic country for Turkiye and us. This license marks the beginning of our transformative innovative approach in the fintech era, and we are excited to unveil more updates in the coming days.’ As United Payments continues to drive transformative innovation in Azerbaijan, the prospect of a cashless nation is as promising as ever, sparking optimism and excitement in the industry.
Besides its rendering fintech services, United Payment is also committed to providing services as a regulated firm to its customers, covering the opening of payment accounts, the collection of electronic and cash money, the collection of credits, payment card transactions, QR payments, money transfers, e-money account payments. The company is the only fintech provider in the country offering the following unique services:
Cash by Code: Enabling customers to withdraw money.
Mobile POS (TapXPhone): Providing seamless payment processing via mobile devices.
“We have 10% of the Azerbaijan e-commerce market. We have over 400 K unique users and aim to reach a $563 mio annual revenue by 2024. We expect to reach 31 million annual transactions by 2024. We will reach daily revenues of over $1 million by 2024.
That the value of e-money, money in digital form – in the entire world equals approximately $4 trillion in 2023 and will probably equal $7 trillion by 2026 ($4 trillion is nearly equivalent to the sum of macroeconomics of approximately 200 countries, of course) and the market of fintech services will grow with a compound annual growth rate (CAGR) from 2021 to 2026 of 23.84%. Based on these figures, the immense importance and significance of what has been achieved by United Payment in Azerbaijan becomes obvious. ” Ilker Sozdinler added.
Furthermore, United Payment will participate in the Money 20/20 Europe conference in Amsterdam from June 4th to 6th at Hall F50. For more information about United Payment and its services and updates, visit www.unitedpayment.com.
Social Links
X: https://x.com/united_payment
LinkedIn: https://www.linkedin.com/company/unitedpayment/
Instagram: https://www.instagram.com/united.payment/
Media contact
Brand: United Payment
Contact: Media team
Website: https://unitedpayment.com
SOURCE: United Payment
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