Internet penetration in Turkey, a country of nearly 80 million people, is 57%. However, there are only 65,000 small and midsized merchants (SMBs) in Turkey that sell online out of a total of nearly 2.4 million SMBs that accept card payments. Applications for virtual POS terminals are routinely denied because acquirers fear card-not-present fraud. Even when approved, it can take merchants up to five weeks to be in position to accept card payments. Part of that delay concerns arrangements to handle settlement with domestic card issuers, which can require up to seven integrations as well as that ...