iyzico Review

iyzico is a Turkish online payments company. Barbaros Özbuğutu and Tahsin Işın founded it; it was incorporated in Istanbul on 9 May 2013, and it has held a Turkish payment institution licence since 15 July 2016. Its legal name is iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş., and the Central Bank of the Republic of Türkiye lists it as a licensed electronic money institution. PayU, then owned by Naspers, agreed to buy it in 2019 for a reported $165 million. The deal closed on 20 December 2019, and at the end of 2025 PayU Fintech Holdings B.V. owned all of it, with Prosus and Naspers as ultimate parents. iyzico signs Turkish businesses directly and gives them one integration for cards from every Turkish bank, including the bank instalment programmes Turkish shoppers expect. As of September 2026 its Virtual POS page lists 4.29% + TRY 0.25 per successful transaction for companies selling more than TRY 20,000 a month, with no setup or monthly fee; its help centre says that figure includes BSMV, the Turkish banking transaction tax. Payouts are weekly by default, paid in lira. The application asks for Turkish company documents, so it appears to be built for businesses registered in Turkey rather than for foreign companies selling into Turkey.

Estimated annual cost at three realistic processing volumes, using iyzico’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What iyzico is

iyzico is a Turkish payment company that gives online businesses a single contract to accept cards from every Turkish bank. Its legal name is iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş., and its registered office is in Üsküdar, Istanbul. Barbaros Özbuğutu and Tahsin Işın founded it, and its financial statements give 9 May 2013 as the incorporation date. It started as a virtual POS provider for e-commerce sites and has added a consumer wallet, a prepaid card, marketplace payments, business-to-business collections and, in 2025, card terminals. Orkun Saitoğlu, previously its COO, became CEO in August 2022, and Özbuğutu moved to chairman. iyzico's 2025 annual report names Roberto Machado Gandolfo as board chairman.

iyzico has changed hands once. PayU, the payments arm of Naspers, announced in June 2019 that it would buy iyzico for a reported $165 million. Turkey's Competition Board approved the takeover on 5 September 2019, and iyzico's financial statements give 20 December 2019 as the closing date. iyzico then merged with PayU's own Turkish payment company. When Prosus sold PayU's Global Payments Organisation to Rapyd (announced in 2023, completed in March 2025), the Turkish business was excluded. At 31 December 2025, PayU Fintech Holdings B.V. owned 100% of iyzico, with Prosus and Naspers as ultimate parents. In February 2025 iyzico completed its $87 million purchase of Paynet from Arena Bilgisayar after Competition Board and central bank approval, and the two companies' merger was registered on 31 December 2025.

iyzico's own figures for its size vary from page to page. In December 2025 the CEO said iyzico had more than 185,000 merchants, more than 7 million users and TRY 300 billion of transaction volume in 2025. Its Turkish homepage says more than 180,000 merchants. The English homepage says more than 110,000, and an old help-centre answer still says 23,000. Treat the December 2025 statement as the current figure.

Licensing and who it is for

iyzico received its Turkish payment institution licence on 15 July 2016, after approval by the banking regulator (BDDK). Its 2025 financial statements describe it as a payment and electronic money institution supervised under the Central Bank of the Republic of Türkiye's rules, and the central bank's list of electronic money institutions includes it. iyzico contracts with each merchant directly, which is why we class it as a payment facilitator rather than a gateway.

It is a provider for businesses registered in Turkey. The application asks for a signature circular, a Turkish tax registration certificate and partner IDs. Your website must show your trade name, MERSIS number, KEP address and the 'Pay with iyzico', Visa and Mastercard logos, and payouts go in lira to an account in the name on your tax certificate. Individuals without a company can apply for the payment-link product. A US or European company without a Turkish entity will find no route in on iyzico's site.

Pricing

iyzico publishes more pricing than most Turkish providers, but not all of it. As of September 2026:

• Virtual POS and payment links for companies: 4.29% + TRY 0.25 per successful transaction for monthly sales over TRY 20,000, which the page frames as an offer to corporate sellers. The help centre says this includes BSMV. There is no setup or monthly fee. No rate is published for lower volumes.
• Payment links for individuals: from 4.49% + TRY 0.25.
• Instalments: each bank sets its own surcharge (vade farkı). You can pass it to the shopper or absorb it to offer interest-free instalments, and the surcharges appear only in the merchant panel.
• Add-ons: Multi Currency costs TRY 99 a year and card storage TRY 99. Currency conversion carries a fee whose amount is not published.
• Subscriptions: TRY 199 a month plus commission, with the monthly fee waived for the first three months.
• In person: Fiziki POS terminals at 3.49% on single-payment sales, the page's non-campaign price (a 1.49% launch campaign ended on 30 September 2026), with a monthly fee of unpublished amount below TRY 10,000 of monthly volume; Cep POS tap-to-pay on Android at 3.49%.
• Refunds: no fee, according to the help centre.

The Virtual POS page lists the 4.29% rate beside a 'next-day payment option', but iyzico publishes no rate card showing how the price changes with payout speed. Ask for your rate and payout schedule together in your written offer. Lira prices change often with inflation, so date-check any figure you are quoted. iyzico sends commission invoices in the first week of the following month and deducts fees from payouts, so there is nothing separate to pay.

Payouts and holds

Payouts are weekly by default. The Virtual POS page says a week's sales, Monday to Sunday, are settled on Sunday night, held for two days and paid on the following Wednesday. Individual sellers are paid on the first Wednesday at least seven days after a sale. Another help-centre answer describes an older model in which each week's sales arrive three weeks later. It explains the hold as chargeback protection and says it can be shortened as your volume grows. Your panel's settings show your actual hold period. Instalment sales are paid in full, less fees, not month by month. Faster payouts exist: a next-day option on the Virtual POS, link and terminal pages, and a same-day payout product described in the 2025 annual report. Neither is priced publicly.

The published merchant terms give iyzico broad room to withhold money. It can refuse a payment or return it to the card issuer if it suspects fraud or non-compliance. It deducts chargebacks that are still pending before paying you, and its netting, set-off and pledge rights survive termination. Cardholders can dispute a transaction for up to 540 days in some cases, according to iyzico's chargeback guidance.

Reputation

Reviews are mixed, and most come from Turkish consumers rather than merchants. On Şikayetvar, Turkey's main complaints site, iyzico has 7,530 complaints, a satisfaction score of 84/100 from 1,347 ratings, and a 100% response rate over the past year (September 2026). Recent complaints cover commission and payout disputes from merchants, stored-card and account-deletion requests from consumers, and app errors. The consumer iyzico app is rated 4.4 from 5,242 ratings on the Turkish App Store. The merchant app, 'iyzico İşim İçin', is rated 2.9 from 239. The Trustpilot profile is unclaimed and scores 2.0 from just 14 reviews, mostly shoppers abroad who could not get refunds from sites using iyzico. iyzico's 2025 annual report states that there are no lawsuits against it that could materially affect its finances or operations, and no administrative or judicial sanctions for regulatory breaches. We found no enforcement action naming iyzico.

Who it suits

iyzico makes sense for a small or mid-sized business registered in Turkey that sells online to Turkish consumers. It needs instalments across the bank card programmes, wants a quick online application, and would rather not negotiate a virtual POS with each bank. Marketplaces get a mature split-payment product, and sellers with shops can now add terminals on the same account. Based on its published requirements, it does not appear to be a route into Turkey for a foreign company. Businesses that depend on daily cash flow should get the payout schedule and its price in writing before signing.