Overview
Founded in 2019 and headquartered in Istanbul, Turkey, Sipay is a leading Turkish fintech payment platform. Sipay holds an e-money and payment institution license from the Central Bank of Turkey (TCMB), offering virtual POS, pay-by-link, subscription, marketplace split, physical POS, digital wallet and the Walletgate white-label wallet as an integrated payment suite for merchants and individuals in Turkey and beyond.
Positioned as a "fintech payment platform," Sipay ranked in the Deloitte Turkey Technology Fast 50 in both 2023 and 2024, and placed 119th in the 2024 Deloitte EMEA Technology Fast 500. The platform follows PCI-DSS standards, supports Visa, Mastercard and Troy, and provides 24/7 transaction security with AI-powered risk control.
Key Strengths
- TCMB-Licensed Institution: Holds an e-money and payment institution license from the Central Bank of Turkey under Law 6493, with reliable compliance.
- Full-Scenario Collection: 5 solutions — virtual POS, pay-by-link, subscription, Pazaryeri marketplace split and physical POS — cover integrated online and offline acquiring.
- Digital Wallet Ecosystem: Sipay Cüzdan and Sipay Card offer 3 capabilities — digital wallet, virtual/physical cards and fast transfers — while Walletgate lets merchants launch white-label wallets quickly.
- Growth & Recognition: Ranked in Deloitte Turkey Fast 50 in 2023/2024 and 119th in the 2024 EMEA Fast 500 — rapid growth.
- Security & Compliance: PCI-DSS certification, SSL encryption and AI risk control, supporting Visa, Mastercard and Troy with 24/7 transaction monitoring.
Product Ecosystem
Online Collection Solutions
Sipay provides virtual POS (Sanal POS), pay-by-link (Link ile Ödeme), subscription (Abonelik) and marketplace split (Pazaryeri) with installments and multiple payment methods, integrated quickly via APIs.
Digital Wallet & Cards
The Sipay Cüzdan digital wallet supports payments, transfers and bill payments; Sipay Card offers virtual and physical cards, and individuals manage funds through the app. See digital payments guide.
Walletgate White-Label Wallet
Walletgate lets brands turn their own apps into digital wallets without applying for a license, providing accounts, card issuance and payment capabilities for fintech and platform merchants.
Limitations
- Turkey-Focused Market: Core business is concentrated in the Turkish local market, with limited international payments and multi-currency settlement; global merchants need additional channels.
- Short Track Record: Founded in 2019, with fewer historical cases and stability validation than established Turkish gateways like iyzico and PayTR.
- Limited International Awareness: Few English resources raise evaluation and onboarding costs overseas.
- Mainland China Restriction: Mainland China onboarding and CNY localization are limited; domestic e-commerce should use Alipay and WeChat Pay.
Use Cases
- Turkish E-commerce Acquiring (★★★★★): TCMB-licensed with major card schemes and installments — a common platform for entering the Turkish market.
- Digital Wallet & Personal Payments (★★★★☆): Sipay Cüzdan and Card suit individuals and mobile payment scenarios.
- White-Label Wallet Builds (★★★★☆): Walletgate helps brands launch digital wallets quickly for fintech and platform merchants.
- Marketplace Split Settlement (★★★★☆): The Pazaryeri solution supports multi-merchant splits for e-commerce platforms.
- Global Cross-Border Merchants (★★★☆☆): International coverage is limited; pair with global gateways like Stripe.
Pricing
| Service | Reference Rate | Notes |
|---|---|---|
| Virtual POS Commission | Custom rates | Billed by transaction type and volume |
| Installments | Additional fee | Billed by number of installments |
| Pay-by-Link | Same as virtual POS | For website-less merchants |
| Digital Wallet | Free to use | Transfers and withdrawals per rules |
| Walletgate White-Label | Custom quote | Negotiated by features and scale |
Note: Reference rates only; actual quotes prevail. For more comparisons see payment gateway rate comparison.
FAQ
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Is Sipay a regulated payment institution? Yes. Sipay holds an e-money and payment institution license from the Central Bank of Turkey (TCMB), operates under Law 6493 and follows PCI-DSS standards — a regulated payment platform; see cross-border payment platform comparison for compliance differences.
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What collection products does Sipay offer? Virtual POS, pay-by-link, subscription charges, Pazaryeri marketplace split and physical POS cover integrated online and offline acquiring; see payment gateway rate comparison for method choices.
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What is Walletgate? Walletgate is Sipay's white-label digital wallet solution that lets brands turn their own apps into digital wallets without building their own license infrastructure; see digital payments guide for wallet use cases.
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Is Sipay suitable for Chinese sellers? Sellers targeting the Turkish market can use Sipay, but mainland China direct onboarding and CNY localization are limited; domestic e-commerce should use Alipay or WeChat Pay.
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How do I choose between Sipay and iyzico? Both are mainstream Turkish platforms. Sipay excels in digital wallets and white-label solutions, while iyzico is known for open APIs and a developer ecosystem — choose based on business model and rates. See cross-border payment platform comparison.