PayU, a payment service provider in Turkey, will close this year with a growth of 40 to 80 percent in each of its markets. This success is due to an emerging middle class, the rise of mobile technology and evolving ecommerce environments in developing markets, the company says.
PayU announced it registered a double digit growth, ranging from 40 to 80 percent, in each of its markets, with Colombia, India, Russia and Turkey showing the highest growth. “We are seeing that growth markets from around the world come online in a major way thanks to continuous advancements in technology”, CEO Larry Illg says. “The apparition of middle-classes and the increasingly important role of mobile devices in emerging regions both contribute to the current shift in worldwide commerce and lay the ideal conditions for the implementation of our solutions.”
The company has a physical presence in each of the countries it operates in. This way it can better understand the local consumer’s needs and adapt its services. According to the company, this policy pays off especially in fast-growing markets.
For 2016, PayU wants to sustain its growth by improving the ecommerce education of all parties, as well as the online shopping experience for both merchants and consumers. And it wants to invest in technology to further battle against fraud.
PayU, part of media group Naspers, was founded in 2011 and has a presence in 16 high growth markets across the globe. More than 160,000 merchants use the platform to process their payments, while 10 million buyers registered to its services which allows 250 global payment methods. In Europe, PayU is active in Turkey, Poland, Hungary, Romania and Czech Republic.