UPT is a money transfer system with the most widespread network in Turkey, counting 4700 local branches nationwide. However, the company has more than 400,000 service points across 176 countries.
What is UPT, how does it work, and how can merchants integrate this payment method into their e-commerce store?
In recent years Turkey’s young, digitally-savvy consumers have driven a massive increase in the country’s adoption of e-commerce and digital payments.
With an overall population of more than 86 million located at the intersection of Europe and Asia, Turkey is one of the most fastest-growing e-commerce markets in the European region. According to data from PayU’s platform in Turkey, e-commerce volumes grew by 64% during the early stages of the Covid-19 pandemic – with growth continuing to trend upward.
Turkey’s Universal Payment Transfer (UPT) system is one of the most popular payment methods in Turkey and a must-have at checkout for merchants operating in the Turkish market. Learn more about UPT below, and see how merchants can start offering this essential homegrown payment method when doing business in Turkey.
Universal Payment Transfer (UPT) is Turkey’s first national global money transfer and online payment method platform. Consumers can use it to send or receive money to/from bank accounts, credit cards, or recipient names, either domestically or internationally, in multiple currencies.
Founded in 2010, UPT boasts 400,000 service points in 176 countries worldwide. This extensive network has made UPT Turkey’s most popular transfer system at home and abroad. UPT is a subsidiary of Aktif Bank, the biggest investment bank in Turkey.
Consumers with or without a bank account can send or receive money through UPT. UPT service locations consist of offices, bank branches, or shops where customers can execute UPT transactions.
Using the UPT service, customers can send and receive money from Turkey or abroad cost-effectively, fast, and reliably. They can receive money sent to their account number or a UPT service location with the respective reference number. In the latter scenario, all it takes is visiting a UPT agent with a valid ID card to access the funds.
For money transfer transactions, customers need to fill in a form and deliver the money to the UPT agent to obtain a reference number for the transfer. Customers can make transfers to the recipient’s bank account or UPT service locations.
UPT offers a very fast money transfer service. Domestic money transfers in Turkey can be processed within the same business day if sent by 4:30 pm on weekdays.
To succeed in Turkey’s attractive e-commerce market, merchants must implement local payment methods which local customers recognize and prefer. Among the country’s most popular payment methods, UPT is essential for any business seeking to sell to Turkish customers.
Customers appreciate UPT for its ease of use, convenience, and speed. Transferring and receiving money through UPT is a seamless and fast process. There are no commissions for recipients of funds, and transactions are carried out at low prices – sometimes lower than fees charged by banks for international transfers.
The best way for merchants to offer UPT in Turkey is to work with a payment gateway that includes UPT as one of the available payment methods. When merchants offer UPT at checkout, customers get to use a solution they know and trust, and e-commerce businesses benefit from providing one of Turkey’s popular and well-developed systems for online transactions.
UPT is a money transfer system with the most widespread network in Turkey, counting 4700 local branches nationwide. However, the company has more than 400,000 service points across 176 countries.
A UPT Service Location is a service point where UPT customers can send money to any bank account in Turkey and payout cash. UPT’s extensive network of locations counts more than 10,000 locations in Turkey and 400,000 locations worldwide.
Customers who have and don’t have a bank account can use UPT to send and receive money. They can receive funds by having them sent to their account number or a UPT service location with the respective reference number.
Money transfers in Turkey can be processed within the same business day if sent by 4:30 pm on weekdays.
UPT is an easy, fast way for customers to send and receive funds. Customers appreciate its convenience and ease of use. Merchants, meanwhile, benefit from offering a popular and consumer-friendly local payment method. There are no commission charges for recipients of funds, and transactions are carried out at low prices – sometimes lower than fees charged by banks for international transfers.
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