Using Papara: expansive digital wallet and payment service

When dealing with the localization of payment methods for your online project, you can’t miss local wallets and payment habits of desired country residents. In case of Turkey, Papara is not just a wallet, but an entire digital ecosystem that started in 2016. This service is aimed at growing online markets and covers more than 80 countries, although Papara has become truly in demand at home, in Turkey. The main advantage is possibility of free international transfers for all users. This makes it an excellent option for deposits and payouts in online projects. Thanks to fixed rates for most transactions, Papara is suitable for both individual and commercial users, which has been proven over many years.

Although bank cards are still a popular method of deposit in Turkey, Papara is designed for convenience and speed, which is exactly what online casinos are looking for. If you use the right payment method, you can not only reduce the number of declined payments but also retain players for a longer time. A successful choice of local payment methods helps to gain the trust and loyalty of users in iGaming market. While relying solely on international payment systems can have opposite effect. 

So, what do you need to know about Papara? Let's discuss it in more detail in this article.

What is Papara?

Papara is originally an electronic wallet, but over the years of operation, it has developed into a much more serious ecosystem. Now it is a full-fledged online banking service. Under the Turkish financial license, Papara acts as a payment method for both online and offline businesses. Moreover, it is also a savings account and insurance service. The wallet also supports foreign currencies, so it can be used in Europe, Asia, and Americas.

For businesses, Papara offers a feature called Papara Checkout — a virtual POS system that allows for easily accepting online payments without complex integrations. Papara is well-suited for iGaming, with its capabilities for mass payouts within a day and convenient control panels where you can track all transactions. However, availability of this payment method for high-risk businesses leaves much to be desired. Not every operator will be able to connect payment method, as the procedure is complicated by market regulation and the cost of Papara payment solution. Stability of payment method is also not always at a high level, so grey-zone products often have to switch between different PSP providers and multiple channels.

Why is Papara a good choice?

Firstly, Papara is a payment method that will help cover local Turkish market in the best way. The core audience of the wallet is Turkey, and its widest use is among the residents of this country. Additionally, fintech company collaborates with major financial players such as Mastercard and Visa. Thanks to its close ties with banking networks, Papara has already gained the trust of 20 million users, and this is just the beginning —company has ambitious plans to increase this number to 50 million in the coming years. Regarding reliability, Papara is licensed in Turkey as an EMI (Electronic Money Institution), which allows it to offer digital banking services at a high level.

Turkish payment methods market is growing rapidly and therefore new legislation for digital banks is on the horizon, as a respond to that. Papara is already regulated by the Central Bank of Turkey and monitored by Financial Crime Investigation Board. This makes it even closer to consumers and businesses than others fintech.

If your business is considering Papara as a payment method for online casino, discover more about this service. It is a must-have for the Turkish market, and overall satisfaction with e-wallet service can be a significant advantage for any online project.

Advantages of using Papara Wallet:

• Fixed rates on transactions and no monthly fees for businesses. This means you only pay for what you get. However, when using payment method through third-party providers, fees may differ.
• Stable coverage of Turkish market. To establish yourself in the local environment as an international business, you have to adapt to payment habits of local users, and established payment methods are best suited for this. You rarely can teach users to pay with bank cards if they did not do so in their everyday lives. The goal is ambitious but not always achievable, and if so, you will need very long-term. In the reality of the highly competitive iGaming business, you need to act quickly, otherwise, a more adaptive competitor may occupy your place.
• 24/7 support. If your business has any questions or issues, Papara is always available. This condition is also relevant when working with most providers. In payment processing, as nowhere else, 24/7 connection and no downtime makes a real difference.
• Fast payout of funds. Money is credited to account on the same day, which is especially valuable for online casinos. There is no need to wait for long settlements and you can get them within the same day. As funds are already within the wallet's ecosystem, their movement is more nominal than real. Fast payment processing is also a big advantage for players. This is one of the aspects why online businesses choose Papara. For businesses, this is always beneficial, especially when it comes to a multitude of small transactions such as gaming usually has. Paying minimum fees or monthly fees can be very disadvantageous, while paying only for payments made is a win-win option. Moreover, when reaching high volumes of transactions, you can always get a discount from the payment provider.

However, there are also some drawbacks:

• Low transfer limits for new users (25,000 TL) can be an obstacle to a large volume of payments.
• Difficult accessibility of the method for offshore operators. This we can’t miss, as almost every product in the iGaming industry will face this problem. Building the right cashier is task number one, and Monoup can help you with this. Text us to order this service.
• Less convenient payment flow if we are talking about P2P options. For high-risk businesses, direct providers are not always available, so using P2P solutions is a common alternative. The solutions themselves are not convenient and can be problematic, moreover such a flow also affects user satisfaction.

As a Turkish payment method, Papara based on Turkish lira with extensive support for US dollar and EUR. At the same time, other currencies are not that well integrated into digital wallet, with limited exchange and withdrawal options. New legislation for digital banks has affected currency services of this payment method, and the latest news about its return still does not provide clear information.

Considering Papara from the perspective of an online casino operator on Curaçao or in the new direction — Anjouan license — you may face difficulties in connecting the method to the website. Since the Turkish market is regulated and does not encourage presence of foreign operators, direct cooperation with the wallet is mostly excluded. At the same time, many operators find a way out by turning to special payment providers.

Despite the difficulties in integration, if you are looking for a reliable and flexible payment service for integration into iGaming in Turkey, Papara is an excellent option. The wallet is convenient and can boast good UX, making it a strong competitor among Turkish payment methods. For the localization of website in Turkey, Papara will be a mandatory option, although there are others such as Paybol, Parazula, Troy, which can also play an important role in your list of payment methods.

If you need more information and help in setting up payment systems, Monoup offers professional consulting. Contact us through our official website or visit Mono Talks to find the latest news and tips on choosing payment methods for your business.