MasterCard has agreed to purchase Provus Billisim Hizmetleri A.S. (Provus), a Turkish payment technology and processing company.

The deal, which is scheduled to close in the fourth quarter of 2013, will build on MasterCard's strategy of increasing its presence in what it calls high-growth markets. The acquisition will allow the Purchase, N.Y., card network to quickly deliver processing and technology to issuers and merchants in Turkey, with a focus on prepaid and mobile payments, MasterCard says. Financial terms of the acquisition were not disclosed, and the deal is subject to regulatory approval.

"Turkey continues to be a very exciting and growing market and this acquisition provides an important platform that will enable us to not only serve customers locally but also to continue to deliver innovative payment solutions across the region," says Javier Perez, president of MasterCard Europe, in an Oct. 10 press release.

The Istanbul-based Provus' serves financial institutions, telecommunication service providers and retailers. Provus' payments business supports issuer and acquirer processing, prepaid products and ATM processing services.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry