BAKU, Azerbaijan, January 26. The Turkish "Turan Teknoloji Anonim Sirketi" (Turan) payment system intends to create a unified wallet infrastructure for Turkic countries, the CEO of United Payment Edgar Abdullayev told Trend.
"Turan first expanded its activities in Azerbaijan to create a corridor for digital money transactions between Turkic states. Users will soon be able to transfer money from Azerbaijan to Turkey," he added. "However, our primary goal is to complete our corridors by adopting the same concept in all Turkic states and enabling digital money transfers between states via a unified wallet infrastructure. Turan will become the largest financial app in Central Asia."
Abdullayev mentioned that the number of customers exceeds 300,000, the transaction volume reaches 500 million, and the number of card users is over 70,000.
"Turan, having built a financial bridge between Turkic states, received additional investments of 35 million liras ($4.2 million) under the guidance of United Payment, one of the first Turkish companies engaged in electronic money," the CEO emphasized.
Over the last 16 months, Turan, backed by investors such as KT Portfoy, Re-pie, Colendi, Tera Portfoy, Neo Portfoy, and the first venture capital fund in Azerbaijan, "Caucasus Ventures," has secured a total investment exceeding 75 million liras ($9 million).
Money transfers to Azerbaijan are currently being processed successfully using the Turan system. Monthly remittances total roughly 9.5 million liras ($337,180). Turan plans to boost this sum to 37.5 million liras ($1.3 million) per month in 2024.