United Payment Expands Global and Regional Operations

GlobeNewswireJune 10, 20246 min

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.

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