Turkey's Iyzico Beats PayPal to Unlock Iran's E-Commerce System
- Iyzico deal gives it access to 230m Iranian payment cards
- Payment cos. Paypal, Stripe have yet to enter Iranian market
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An Istanbul-based payments startup says it’s signed a deal that smooths the way for companies seeking to follow it into Iran’s $400 billion economy.
Iyzico’s agreement with Tehran-based electronic payments platform PECCO lets its customers process transactions from some 230 million payment cards that until recently weren’t connected to any financial system outside Iran, according to Barbaros Ozbugutu, Iyzico’s German-Turkish chief executive. The deal is the first of its kind, he said in an interview in Istanbul.