Unique game, Fintech markets exist in Iran: developer
Tehran, Iran, Nov. 23
By Mehdi Sepahvand – Trend:
Many factors have contributed to turning Iran into a very rich and virgin market for gaming as well as Fintech, according to Hassan Mehdiasl, CEO and founder at AllPays, the first Iranian online payment system for foreign companies, and also CEO and founder at Sourena Games.
The first factor that counts especially attractive for the gaming industry is the young population, which comprises the majority of the Iranian population of over 80 million, he told Trend.
Also, sanctions have kept real and big rivals like Google Play, Apple and Steam away from the market for years, leaving room for many local startups to launch successful businesses in the virgin market, he said.
This situation has made many Iranian companies do so well in games as well as in payment and online shopping services, Mehdiasl noted.
However, he went on to add, a number of shortcomings currently pose serious challenges to the business developers.
“The biggest challenge is the very banking system of Iran which is a traditional, strictly closed system that does not leave room for startups to grow.”
“This goes back to the cores of Shetab and Shaparak payment systems (now the country’s only online payment platforms), where you have no choice but to retype all your information for any new transaction.”
He further noted that banks in the country do not allow any company offer services or applications for regular payments such as offered by popular world systems.
“There is a high number of cancelled or failed transactions, since Shetab has problems at its core for which many times even common transactions fail. Shaparak has also shortcomings at various levels,” he said.