In recent years, the financial sector has been transformed by concepts such as open banking, contactless payment, mobile wallet, virtual POS. This transformation, led by financial technology companies, is also accepted by the consumer with the convenience it offers.
Technology has brought many innovations in terms of financial services. While concepts such as open banking, contactless payment, virtual POS, have become a part of our lives, mobile payments have become widespread as cash usage is reduced. According to Interbank Card Center data, 8 million transactions were conducted in the first quarter of 2022 with mobile and square payment, while total transaction amounts exceeded 1.1 billion TL. In Marqeta’s research, three out of 4 people were using mobile wallets.
“As physical wallets go into history, innovative mobile wallets become widespread. Digital wallets can be enhanced with new features, offering 7/24 cost-free money transfers and secure shopping without the need for banks. We offer digital wallet solutions for individuals and institutions as Sipay, which operates from a dynamic and innovative perspective in the fields of financial technologies and payment systems,” he said.
“Open banking makes life easier for individuals and organizations”
Noting that there is a part of the open banking concept in developments that increase consumers’ access to financial services, Volkan ustun noted, “while new sprouts are in our country, open banking is a concept that the world is closely following. The sector is known to have a growth rate of 117% annually, while the number of open banking platforms globally is estimated to have reached 1,562. The open banking concept that improves the customer experience and connects all systems associated with finance makes it easy for both individuals and institutions. Solutions such as virtual POS or link payment are accelerating the payment process of businesses, especially when e-commerce is growing rapidly. The square and mobile wallet technologies save time for individuals. As one of the innovation-focused representatives of the rapidly evolving financial technology industry in Turkey, we are increasing the financial capabilities of companies with solutions such as virtual and mobile POS, link payment, corporate digital wallet, etc.,” he said.
The “SuperApp” period begins in finance
Stating that consumers have found a response to their daily needs with mobile devices, Sipay Business Development Director Volkan ustun said, “this shows that the world is headed toward the ‘superapp’ concept that can perform multiple functions. Apple’s recent activity announces ‘buy now, pay later’, proving that all the innovations offered by financial technologies are a trend toward centralization in individual applications. This chart encourages each brand to develop their own financial solutions, wallets, prepaid cards and loyalty programs. At Sipay, we announced our WalletGate solution earlier this year, offering wallet technology as a service, so that regulation processes do not interfere with innovation. While transforming financial functions into a functional platform for brands, we offer businesses the opportunity to build their own fintech companies,” he said.
“Business development and project teams are getting a lot of work done”
Reminding that companies from every sector need to prioritize R&D investments to keep pace with developments, Volkan ustun ended his assessments with the following statements: “Today, businesses are earning their competitive advantage not with their products and services, but with how they deliver them. Companies that closely monitor the world and shape their strategy in this direction, make the lives of consumers easier, take a few steps forward. Of course, by listening to customers, a firm team effort is required to produce point-shooting solutions. Business development and project teams are leading the way in this respect.”