MICROCAPITAL BRIEF: Turkish Mobile-payments Platform ininal Partners with Visa to Offer Cash-out at ATMs

A provider of digital wallets in Turkey, ininal, recently partnered with Visa, a US-based payment technology company, to offer prepaid Visa cards to its 3 million customers. This will allow ininal customers to use the cards for point-of-sale purchases and to withdraw cash from automated teller machines (ATMs). Consumers will be able to acquire the cards at 10,000 sales points in Turkey.

The CEO of ininal, Ömer Suner, commented, “Through our partnership with Visa, we have enhanced the capabilities of the product we offer to our cardholders and made basic financial services more accessible to everyone. In this product relaunch, we have added a cash withdrawal feature that our cardholders were awaiting for a long time… Earlier this year, we had introduced bill payment capabilities through our ininal Wallet. Going forward, we plan to diversify the basic banking services we offer and add a 24/7 money transfer capability to our product features.” Founded in 2012, ininal provides financial services via payment cards and a mobile wallet application that is accessed via mobile phones. Multinet UP, an Istanbul-based debit-card network, acquired ininal in 2016.

Visa’s general manager for Turkey, Merve Tezel, stated that, “As payments continue to become increasingly digital, providing access to unbanked and underbanked populations becomes critical for the development of commerce.” Visa partners with financial institutions to provide consumers with credit, debit and prepaid cards that can be used at merchants in 200 countries. Visa also offers payment programs and consulting services for commercial clients. As of July 2019, Visa reported total assets of USD 69.9 billion and total equity of USD 34.3 billion.

By Eugene DeCosse, Research Associate

Sources and Additional Resources

Press release from ininal via PR Newswire
https://www.prnewswire.com/news-releases/turkeys-leading-new-generation-payments-platform-ininal-partners-with-visa-to-enable-greater-financial-inclusion-for-customers-300889435.html

Ininal homepage
https://www.ininal.com/

Visa homepage
https://visa.com/

Visa financial statements
https://investor.visa.com/financial-information/quarterly-earnings/

Multinet UP acquires Turkey’s leading fintech startup ininal in a stock-swap deal
https://webrazzi.com/en/2016/07/12/multinet-up-acquires-turkeys-leading-fintech-startup-ininal-in-a-stock-swap-deal/

MICROCAPITAL BRIEF: Woman-owned Fintech Tez of Pakistan, Green Girls Organization of Cameroon Win $200k in Visa Everywhere Initiative
https://www.microcapital.org/microcapital-brief-women-owned-fintech-tez-of-pakistan-green-girls-organization-of-cameroon-win-200k-in-visa-everywhere-initiative/

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