MasterCard to Acquire Turkish Processor Provus (Oct. 10, 2013)
Turkey’s large unbanked population, relatively industry-friendly regulatory environment and growing popularity of payment cards, including prepaid and contactless, has made it an attractive and expanding market.
MasterCard continues to tap into those opportunities with today’s announcement that the Purchase, N.Y.-based network is acquiring Provus Bilişim Hizmetleri A.Ş., an Istanbul-based provider of prepaid solutions, issuer and acquirer processing and ATM processing services to financial institutions, telecommunication service providers and retailers. Terms of the deal, which is expected to close later this year, were not disclosed.
The acquisition builds on MasterCard’s strategy of increasing its processing presence in high-growth markets and delivering processing solutions and innovative value-added services for FIs and customers in the prepaid and mobile payments space, according to the company.
“Turkey continues to be a very exciting and growing market, and this acquisition provides an important platform that will enable us to not only serve customers locally but also to continue to deliver innovative payment solutions across the region,” said Javier Perez, president, MasterCard Europe.