Aşağıda yayınladığımız yazılar, Prof. Dr. Selim Yazıcı’nın Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programında vermiş olduğu Financial Technologies dersinde öğrencilerin bitirme ödevi olarak hazırladıkları çalışmalardan oluşmaktadır. Yazılar kendilerinden izin alınarak yayınlanmaktadır.

Payment Systems in Financial Technologies

Hazırlayan: Sercan Aydoğdu

Over the years, Big financial institutions, big banks are seem to be the leader and ruled the payment systems. This rule has changed with the creating of FinTech due to its affects to payments systems. At a theoretical level, FinTech is the widening of finance and technology with less expensive and more efficient payment methods. And also consumers are more closely monitoring these payments methods. At the below statements, we will briefly see the kind of these payment methods from the historically creation steps to the major effect on players at finance sector.

We have heard FinTech word at the beginning of nineties. This new term started to be used widely with the financial crisis in 2007 in order to represent new, young and innovative companies using digital technologies, mobiles…etc. This is a need for offering more efficient less expensive financial systems, financial services. FinTech terms gathers a lot of start-ups at the payment industry.

FinTech is an new route, it is an opportunity to change things. FinTech categories such as;

· B2C FinTechs (business-to-consumer) targeting consumers with banks without physical agencies.

· B2B FinTechs (business-to-business) targeting to offer any financial solutions to companies like alternative payment methods

· B2B2C FinTechs (business-to-business-to-consumer), targeting to gather project leaders and investors.

In consideration of FinTech startups, payments are nowadays widely considered to be gateways for financial inclusion. Withdrawing money or repaying a loan are basic financial transactions without which traditional financial products like credit, savings and insurance would not be possible.

In addition to being gateways to financial products, payments, and more specifically digital, national and international micro payments, are attractive services such as Paypal, Apple pay, Kabbage, Twpe, Welab, Paramara, Xoom or Transferwise. These services are already popular among consumers across the world.

In all of the above cases, it is important to recognize that digital payments are based on an interaction with financial systems, either through the exchange of bank account or credit/debit card data, or via a service access point authorized to take deposits or perform withdrawals. It would be impossible to send funds through or extract money from a digital payment service without these interactions. That is why an important recent trend in the FinTech world concerns the integration with the traditional financial sector. According to a McKinsey study, 43% of FinTech startups are focusing on payments and for these startups, payment technologies will be a major challenge. We should subtitle these payment technologies for financial institutions such as banks and corporate companies.

First of all, Innovative start-ups and new technologies are a door opener for new payment banking systems. It is a great prospects for automated financial payment transactions. At worldwide all investors especially all financial institutions such as global banks, should commit to investigating the latest developments that could help the customers better manage their financial lives.

The payments systems are changed rapidly over the years. The digital wallets in mobile phones are becoming widespread. Providers of financial institutions, services are experiencing with financial technologies. And these are improved security decentralized data management system based on new FinTech models. Introduction of the renovated payment services will open the payments market to new upcoming players.

Secondly, doing payment transactions will be no longer at the main domain of the banks. That is providing a worldwide opportunity for innovative FinTech start-ups, with more new innovation and bigger choice for consumers. And also, the single-supplier concept is outdated. The consumers are free to choose the way for transferring money, doing daily payments whether via banks or via digital platforms with digital wallets. On the other hand, at worldwide all banks is betting big on collaboration with start-ups. They all compete to become the leader platform like Facebook of the financial world. They all have to make collaborations with start-ups. The great thing about technology and data is that there’s still so much we don’t even know that we can bring to customers.

According to this, today all technological developments for money transfers are planned to be made much easier, faster and more efficient. Soon, customers will no longer have to go to a physical point to identify themselves. Right now our priority must be on innovation in payments. That experience determines what customers think about that digital payment platform or banks.

Payments are much more frequent and intense online. The single-supplier concept is outdated. More than ever before, all customers come as prior/ first.

Apple Pay is one of many new payment methods. But banks aim to create such as easy payment methods. For example in Turkey some private banks provide digital wallet platforms. Some examples of partnership banks with start ups

Kabbage; Provides loans to small businesses and consumers via an automated platform. The US start-up has teamed-up with in the Spanish market.

Twyp; A free phone application for transferring money to friends. Payments are made from a list of contacts via the mobile phone. Twyp has more than 260,000 users in Spain and the Netherlands and is growing quickly. The application, a kind of digital wallet, is suitable for any bank.

WeLab; This Chinese lending platform is an up-and-coming company in the Chinese financial world. Consumers and businesses can easily borrow and set aside money via the app and the website. The online lending platform with 2.5 million customers uses big data for a quick review of online credit scores.

ParaMara; ‘Digital Wallet’ — electronic payment via mobile phone. ParaMara is active in Turkey. The technology is completely open. Customers can use cards from all banks on the platform.

In a nut shell, payment sector is getting developed day by day with the effect of consumers’ preferences trend. Especially new created technologies lead new payment transactions road for both consumer and investors. These technological developments are needs for maintaining strong relation with the consumers and maximizing customer satisfaction with high quality service with less fees and identifying the payment needs of the client and suggesting proper solutions for them. This needs and technologies potentially distances banks from clients and their transaction data. Furthermore regulatory requirements absorbed banks sources. In addition this requirements cause unflexible payments systems compared to innovative technologies. Yet, systematic improvements such as bank payment hubs are nowadays enabling banking substructure to become more in same line with development of software that allows the necessary and essential flexibility to adapt to the market with payment security and reliability. The impact of financial crisis spurred the technologic innovating especially on SME markets. FinTech start-ups, which are a growing number, are enabling SMEs to reach payment systems that are used to be the domain of large corporate. All banks increasingly pay more attention and money on FinTech startups, because they understand better that these fin tech solutions are optimal solutions to clients. FinTech startups do more collaborations to leverage best route for both banks and clients.

As a brief conclusion, from the expansion of FinTech at early 2000’s, payments technologies have been developed progressively until today. In light of technological fundamental changes over the years all big players at finance sector understand more clearly, that being in collaboration with these startups, who can create new generation of payments technologies, is essential to survive at the sector. The power of innovations at all kind of payments transaction will help all players to meet the volatile needs of their consumers. All financial institutions should make more and more investments on these technologies. With the help of money that investors have and help of vision that new generation has, technological developments at payments system will be improved day by day.


Emmeline T.(2016) “Mobile payment technologies in retail: a review of potential benefits and risks”, International Journal of Retail & Distribution Management, Vol. 44 Issue: 2, pp.159–177, https://doi.org/10.1108/IJRDM-05-2015-0065

Robleh A.(2014) “Innovations in Payment Technologies and the Emergence of Digital Currencies”,Bank of England Quarterly Bulletin 2014 Q3




This paper was prepared as a class work for Financial Technology course given by Prof. Selim YAZICI at Ozyegin University, Graduate School of Business, Financial Engineering and Risk Management Program.

İstanbul Üniversitesi, Siyasal Bilgiler Fakültesi, İşletme Bölümü öğretim üyesidir. Ayrıca, Marmara Üniversitesi, Bankacılık ve Sigortacılık Enstitüsü'nde, Sigortacılık Bölümü'nde 2009-2016 yılları arasında misafir öğretim üyesi olarak "E-Sigortacılık" dersini vermiştir. 2019 yılından beri misafir öğretim üyesi olarak Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programı'nda Financial Technologies dersini vermektedir. Teknolojiye ve teknolojinin yaratacağı fırsatlara inanmış bir akademisyen olarak, 2000'li yılların başında, teknolojideki değişimin finansal kuruluşların üretim, pazarlama, satış, dağıtım ve satış sonrası süreçlerinde yaratacağı etkileri ve e-ticaret olanaklarını değerlendiren araştırmalar yapmış ve sigortacılık sektörüne özel bir envanter oluşturmuştur. Bu çalışmaların sonuçlarını, ortak yazar olarak yer aldığı "Elektronik Sigortacılık" (2002) adlı kitabında yayınlamıştır. Daha sonra, finansal hizmetler dünyasındaki teknolojik değişimi ve müşterilerin dijitalleşmesini gözlemleyerek, özellikle bankacılık ve sigortacılık sektöründe dijital dönüşüme yönelik projeler geliştirmiştir. Teknolojinin finansal hizmetler sektöründe kullanımı ve çevik yapılar olan start-upların bu alandaki girişimcilik faaliyetlerini içeren FinTech ve InsurTech konuları ilgi alanını oluşturmaktadır. Girişimcilik, Finansal Teknolojiler, Dijital Sigortacılık, Proje Yönetimi, İş Sürekliliği Yönetimi, İşletme Yönetimi, Uluslararası İşletmecilik ve Örgütsel Davranış konularında dersler vermektedir. Finansal teknolojiler konusunda girişimcilerin ihtiyaç duyabileceği tüm alanları kapsayan ve ülkemizde ilk olarak FinTech İstanbul tarafından gerçekleştirilen "FinTech 101 Eğitim Programı"nın şekillenmesini sağlamıştır. Öğrenen Organizasyonlar (2001), Elektronik Sigortacılık (2002), E-Öğrenme (2004) ve İş Sürekliliği Yönetimi (2013) başlıklı yayınlanmış dört kitabı bulunmaktadır. TSEV ve TSPB'nin eğitmenlerinden olup bankalar ve sigorta şirketleri için çeşitli konularda eğitim programları düzenlemiştir.