Istanbul, Turkey, June 06, 2024 (GLOBE NEWSWIRE) -- United Payment, a leading Turkish fintech company, announces a major milestone; reaching 1 million active customers for its money transfer services and doubling its total transfer volume. In 14 years of significant experience with payment systems, United Payment has acquired experience, knowledge, and network. In the main area of money transfer, United Payment has become a stable, prestigious, and valuable company in the hot market, with the largest market share. United Payment collaborated with Wise, TransferGo, Dlocal, and Remilty, completing 10 million money transfer tasks annually.
Despite the difficulties in transferring money abroad, United Payment has forged ahead with its aim to 'provide customers with comfortable and convenient ways to send and receive money transfers abroad' by cooperating with industry pioneers, providing transparent exchange rates with a low commission fee, and expanding to 91 countries and 54 currencies. Through the company's electronic foreign exchange services, people can send money overseas at low fees, day and night, over the weekend, and during holidays. Users do not need a bank account to transfer money through the platform. As many as 53% of the transactions are completed through a fast-transaction service. United Payment plays a crucial role in simplifying the lives of end consumers by transforming partner firms into fintech powerhouses. This concept, akin to an invisible power that unlocks life, is embodied in their logo, an open lock, symbolizing their ability to address hidden challenges and streamline financial processes. With offices in Turkiye, Azerbaijan, Georgia, Romania, and the United Kingdom, United Payment has cemented its status as a regional leader, thriving in some of the most demanding markets.
According to a McKinsey report, in 2022, fintech accounted for 5% (or $150 billion to $205 billion) of the global banking sector's net revenue. United Payment estimate this share could increase to over $400 billion by 2028, representing a 15% annual growth rate of fintech revenue between 2022 and 2028, three times the overall banking industry's growth rate of roughly 6%.
United Payment has secured an e-money license from the Central Bank of Azerbaijan
'Our first physical extension to Azerbaijan and our fresh e-money license is a grand opening move in a global,' the company's CEO Ilker Sozdinler said. 'We aspire for an innovative approach in the region and to lead this transformation in Azerbaijan.' United Payment's achievements in financial technologies include certification in Open Banking and approval for the FAST system, offering users the option to send money to Easy Addresses. Notably, United Payment has secured an e-money license from the Central Bank of Azerbaijan, further solidifying its regional leadership. This success can be attributed to a strategic focus on building a solid core as a precursor for expansion. According to McKinsey Fintechs: A New Paradigm of Growth Report, the first step in cracking the growth code involves focusing on the local market and developing a healthy core business. Their research indicates that companies with a vital home market are 1.6 times more likely to generate peer-beating returns.
United Payment achieved firsts, pioneering 24/7 domestic money transfers, launching services under the vision of FaaS (Fintech as a Service), and preparing itself to be the first to benefit from Open Banking developments.
United Payment also uses AI to integrate marketing, CRM, reporting and analysis. Overall, the cost cuts, error reductions, and efficiency gains achieved by United Payment with its fintech services have allowed it to expand its services offering, cruise through the licensing process, obtain key licenses, and take the top position globally in the fintech market.
'Our investment in artificial intelligence helped us develop a new strategy, scale up the company better, attract new talent, foster internal innovation in the workplace, and take a global lead in the fintech sector. We will continue to play a dominant role in global payments with our transformative innovative approach.' Sozdinler concluded.
Additionally, United Payment will showcase its innovations at 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 or to stay updated on the latest developments, visit www.unitedpayment.com.
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Media contact
Brand: United Payment
Contact: Media team
Email: support@unitedpayment.com
Website: https://unitedpayment.com
SOURCE: United Payment
CONTACT: support at unitedpayment.com
