UAE-based mobile payments firm TPAY Mobile is has procured a 100 percent stake in Turkey’s mobile payment platform Payguru. The purchase will extend the payment firm’s presence in the Middle East and broaden into new business lines.
The agreement comes at a time when interest for digital payment services is spiking due to the coronavirus pandemic. Mobile payments are a popular alternative among 50 percent of the population in the Middle East and Africa (MENA) region, most of them are underbanked. The FinTech segment in the MENA region is also evolving at a compound annual growth rate (CAGR) of 30 percent which is much higher than the global average rate of 11 percent.
The transaction between TPAY and Payguru is still under review for the necessary permissions from the Central Bank of the Republic of Turkey (CBRT) and the Competition Authority.
Payguru rendered several services, including mobile payments, ATM cash payments and bank transfers to merchants. Meanwhile, TPAY Mobile is a digital merchant acquirer that facilitates payments acceptance from more than 54 mobile payment types and wallets, which are connected to more than 580 million consumers.
“This transaction extends our footprint in the region, continues our diversification into new business lines and also significantly strengthens our value-added services proposition in the region.”
Founder and CEO – TPAY Mobile
“The regional and global FinTech sector is at an inflection point for growth, making this the perfect time to welcome Payguru in our fold,” she added.