International businesses will soon be able to accept credit and debit card payments in Iranian Rial (IRR) through Shetab.
SAN FRANCISCO, CA – Apr. 15, 2016 – With nuclear sanctions lifted from Iran, Paymentwall integrated Shetab (interbank information transfer network system). The Shetab is a unified, electronic clearance system for the entire Iranian banking operations that allows it to facilitate transactions from credit cards, ATMs and point-of-sale (POS) terminals. Though the integration is complete, Paymentwall will ensure first that it complies with the most up-to-date regulations from the U.S. Department of the Treasury before it moves forward with Shetab.
“Our company is based in the U.S., and following the regulations of the U.S. Department of the Treasury is important to us,” said Honor Gunday, CEO of Paymentwall. “With a highly-educated population, we believe that Iran has a strong business potential, and hopefully we will be able to go live with Shetab soon.”
Shetab streamlines the payment process in Iran, and is advantageous for merchants that want to do business there. Previously, debit and credit cards in the country can only be used on ATMs or POS machines that were provided by the issuer bank. With Shetab, debit and credit cards can be accepted at any ATM or POS terminals in the country, and even in online payment portals. Monthly online transactions in the country have grown 15% from 2015 to the present time as more customers use their debit and credit cards to pay online.
“By integrating Shetab, we want to allow foreign businesses to bring digital content to Iran and process payments there,” said Gunday. “Paymentwall wants to be the first company to help Iranian startups go global.”
Merchants around the world can start establishing their business in Iran with Shetab and start accepting credit card payments in Iranian Rial (IRR). By using the local banking system and the local currency, merchants will be able to provide their customers with the most comfortable way to pay for their online transactions. As a result, they can easily gain a foothold in the local market, and grow their businesses quickly in Iran.
About Paymentwall (www.paymentwall.com)
Paymentwall is the leading global payment platform for a wide range of digital goods and online services. Paymentwall has partnerships with 140 payment method providers worldwide to offer global payments coverage for users in more than 200 countries and territories with credit and debit cards, mobile payments, e-wallets, bank transfers, prepaid cards and many others. Paymentwall is headquartered in San Francisco, USA with 11 more offices worldwide.