The solutions developed by financial technology companies, which play a role in adapting financial products and services to the digital age, have become widespread in the last two years. Recent data has revealed that the fintech adoption rate has risen to 80%.
The impact of digitalization, which has come a long way since 2020, has begun to show itself in access to financial products and services. Financial technology (fintech) companies, which respond to financial needs with mobile and web-based applications for both businesses and individual users, have reached a wide area of use with the software they have developed. A study conducted by The Harris Poll found that fintech adoption reached an all-time high of 80%. New regulations for new generation financial technologies have increased the competition among domestic fintech companies in the Turkish market as well. Sharing his evaluations on the subject, Fatih Çelik, CEO of Parolapara, said, “The fact that end users realize the ease and speed offered by financial technologies accelerates the development of the industry. “The applications developed by fintech companies are becoming more and more mainstream.”
9 out of 10 people benefited from fintech solutions in 2022
In the aforementioned research, it was noted that 9 out of 10 people stated that they benefited from the financial applications they used in 2022, while fintech applications gave one out of 2 users a sense of financial control. These data revealed that fintech companies, which can better analyze user demands and develop appropriate, mobile-oriented experiences compared to traditional financial institutions, are a few steps closer to their goals of inclusivity and convenience. Reminding that the world has been in an economic struggle since the beginning of the global epidemic, Fatih Çelik said, “According to the research, three out of five people say that fintech solutions help to overcome economic difficulties. This has a lot to do with a sense of financial control. Financial technology solutions, which easily capture the young generations, the new stakeholders of the economy, with the interfaces they are used to, can also build the trust that users need.”
The number of POS devices and total cards increased by 16%
Data released by the Interbank Card Center showed that the number of POS devices in Turkey increased by 16.6% last year, while the total number of cards including debit/credit and prepaid cards increased by 16.8%. Noting that these data bear signs that the transformation in payment instruments and habits has matured, Fatih Çelik said: We have been included in the ecosystem with our solutions for businesses. Within the scope of our virtual POS solution, we enable member merchants to make collections in a very short time with easy integration, and we are always with them with continuous technical support. Merchant merchants, who can withdraw their progress payment balances to any bank they want through the panel where they can see all their transactions in detail, and can easily make B2B and B2C payments with their balances, can start receiving payments by being integrated into e-commerce systems such as Woocommerce and OpenCart with the virtual pos infrastructure offered by Parolapara. Our payment infrastructure, which offers a successful transaction rate of 95% or more, saves member merchants from the hassle of making deals with more than one bank.”
New solutions are on the way
Emphasizing that they see merchants as business partners rather than customers, Fatih Çelik, CEO of Parolapara, concluded his evaluations with the following statements: “We will soon launch our BKM TechPos compatible Android POS products in addition to our solutions for receiving payment via link, virtual POS and sending bulk payments. In this way, we will facilitate the work of businesses at every point where they receive payment. We aim to make our Android and iOS mobile wallet applications, which we will publish for our individual and corporate customers, among the most preferred finance applications in daily life. In addition to our corporate customers, we also work for solutions such as 24/7 money transfer, sending/receiving money with QR code, cash back from contracted brands. After the completion of our ongoing BKM membership process, we aim to introduce our physical card product that supports Troy, Mastercard and Visa card schemes to our users as soon as possible.”
