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October 6, 2021

Azimo partners United Payment for remittance service to Turkey

By Shalini mani

Azimo, in partnership with Turkish payment service provider United Payment, has launched an instant remittance service to Turkey.

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The move will enable Azimo customers in the UK, Europe, Australia and Canada to send money to Turkey instantly.

While weekday transfers sent before 3pm GMT will be paid out instantly, the weekend and evening transfers will reach the receiver the next working day.

Last year, Turkey received $1bn in global remittances, with a majority coming from Germany.

Azimo COO Dora Ziambra said: “With a diaspora of nearly 7 million people, Turkey is a fantastic market for remittance providers. It is therefore stunning that Turkish remittances have remained slow and expensive for so long.

“Azimo is making instant transfers the standard for the cross-border payments industry – and this service is the latest step on that journey.”

United Payment CEO İlker Sözdinler added: “Supporting the cross-border payment solutions with our infrastructure, we provide speed as a brand promise.

“Thanks to this partnership, people will have a quick alternative for cross-border transactions to Turkey rather than the old conventional methods.”

Last year, Azimo partnered with Alipay, part of Ant Group, to facilitate instant money transfer to China.

The same year, it entered into another partnership to enable instant fund transfers to Siam Commercial Bank bank accounts in Thailand for European customers.

Azimo also raised €20m in 2020 in debt finance to accelerate the development of its automated payments platform and support its expansion.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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