Sydney-based KeyCorp is to provide a range of electronic payments solutions and services to Oyak Teknoloji (Oytek), the technology arm of one of Turkey’s largest industrial and services groups, beginning with an initial order for 10,000 K23 merchant terminals from Oyak Bank.
Under the term of the three-year exclusive distribution agreement, Keycorp anticipates that Oytek will deploy over 30,000 Keycorp EMV (Europay MasterCard Visa) smartcard-enabled payment terminals and more than two million Multos smartcards. Keycorp will also provide training, technology consultancy and a range of value-added services.
The partnership is expected to generate around $30 million in revenue for Keycorp over its three-year lifecycle.
Bruce Thompson, Keycorp CEO, says the deal opens the door for both companies to deliver a broad range of secure electronic payments solutions to customers throughout Turkey and neighbouring countries.