What Shaparak does

Shaparak (شاپرک) is the mandated operator of Iran's national electronic card payment network switch, established in Dey 1390 (December 2011/January 2012) as the executive and supervisory arm of the Central Bank of Iran. Headquartered in Tehran with 235 employees, the company operates as a state-affiliated private limited company under National Informatics Company (شرکت ملی انفورماتیک). Shaparak serves as the exclusive central infrastructure connecting all 12 licensed Payment Service Providers (PSPs), payment intermediaries, and banks across Iran, processing over 100 million transactions daily with a 99.99% success rate and serving approximately 90 million citizens through its USSD-based wallet.

The company's core product is its Central Payment Switch (سوئیچ مرکزی), launched in Khordad 1391 (June 2012), which routes card-based transactions between banks and PSPs, manages merchant settlement, and ensures interoperability across the national payment ecosystem. Beyond the switch, Shaparak operates the Iran Wallet (کیف پول ایران) mobile payment service via USSD code *98#, the Payment Network Security Operations Center for real-time fraud and cyber attack detection, security assessment and penetration testing services, a Public IBAN management system covering over 9,500 IBANs, the Shaparak Plus innovation and training hub, customer support, and a violation reporting system. In Ordibehesht 1405 alone the network recorded 4,790 million transactions worth 3,411 trillion tomans, with an 81% transactional POS terminal share and network service quality index of 99.51%.

Shaparak generates revenue through transaction processing fees charged to PSPs and banks for routing card transactions through its central switch, with pricing determined through regulatory frameworks and not publicly disclosed. As a B2B/B2G infrastructure provider operating under Central Bank mandate, the company has no traditional sales cycle—participation is mandatory—and its revenue mechanics are tied to overall national payment volume rather than per-customer contract sizes. The company publishes regular economic reports positioning itself as both the operational backbone and the authoritative data and policy intelligence source for Iran's electronic payments sector. Leadership transitioned in Tir 1405 with Mohammad Sadegh Mahboubi appointed CEO and Dr. Hamidreza Ahmadian appointed Board Chairman.

Name

Shaparak

Legal name

شرکت شبکه الکترونیکی پرداخت کارت (شاپرک)

Website

https://shaparak.com

Company type

Private

Operating status

Operating

Headcount range

101–250 employees

Short description

Shaparak is the Central Bank of Iran's mandated operator of the national electronic card payment switch, exclusively connecting all 12 Iranian PSPs, payment intermediaries, and banks while processing over 100 million transactions daily and serving 90 million citizens via its Iran Wallet.

Ownership category

akta.pro rank

Product category

Payment Network Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Instant Payment Scheme Connectivity & Processing (e.g., FedNow, SEPA Instant, Faster Payments) (FSAMAHAD)

akta.pro secondary industry

Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB)

Keywords

• Electronic payment switching
• Payment network infrastructure
• Card payment processing
• Payment security operations
• Central payment switch

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations

Revenue model

1. Transaction Processing Fees: As the sole electronic card payment switch operator in Iran mandated by the Central Bank, Shaparak generates revenue through transaction processing fees charged to PSPs and banks for routing card transactions through its central switch.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Shaparak operates Iran's national central card payment switch, routing over 100 million transactions daily between Payment Service Providers (PSPs), banks, and payment intermediaries with a 99.99% success rate. It also provides the Kifi Wallet Iran (Iran Wallet) mobile payment service via USSD, the Payment Network Security Operations Center for fraud and cyber attack detection, public IBAN management, and economic reporting on the payment industry.

Product overview

Shaparak operates a platform-centered architecture anchored by its Central Switch (سوئیچ مرکزی), which serves as the core infrastructure for all card-based payment transactions in Iran, connecting PSPs to banks and routing over 100 million transactions daily. The product portfolio extends to end-user facing services including Iran Wallet (کیف پول ایران) for mobile-based fund transfers via USSD, the Payment Network Security Operations Center for real-time fraud and anomaly detection, and Shaparak Plus for innovation and training programs. Additional services include economic reporting, customer support, violation reporting, and public IBAN management, forming an ecosystem that covers transaction switching, security, innovation, and regulatory oversight.

Differentiator

Problem solved

Functional benefit

Brands

• شاپرک پلاس (Shaparak Plus): An innovation and capacity-building initiative launched in Ordibehesht 1403 under the Strategy and Innovation Vice Presidency, focused on creating sustainable innovation environment, skills development, and interaction with the payment industry ecosystem.

Quantifiable outcome

• 99.99% transaction success rate
• +3 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Central Bank of Iran (بانک مرکزی جمهوری اسلامی ایران)coreStrategic or Co-development Partner · 10 October 1390Shaparak was established on the 10th of Dey 1390 (December 2011) as the executive and supervisory arm of the Central Bank of Iran. The Central Bank mandates Shaparak's operations as the sole electronic card payment switch operator in Iran.
• National Informatics Company (شرکت ملی انفورماتیک)coreStrategic or Co-development Partner · 10 October 1390The parent company and founding organization behind Shaparak's establishment. Logo displayed on Shaparak's website alongside subsidiary companies including Kashef, Faradis Gostar, Exirr, ISC, Modern ISC, and Ibena.

Scale indicators7 records

Recent moves3 records

Expansion highlights5 records

Direct peers

• National Payments Corporation of India (NPCI): Operates India's national payment switch infrastructure including UPI (real-time payments) and RuPay (card network), serving as the closest analog to Shaparak's role as the mandated national payment switch operator. Both organizations sit at the center of their country's electronic payment ecosystem under central bank oversight.
• SIA (now part of Nexi Group): Italian payment processor that builds and operates national payment infrastructure platforms for banks and payment service providers, analogous to Shaparak's central payment switch connecting PSPs and banks.
• Vocalink (Mastercard): Operates the UK's Faster Payments and BACS payment infrastructure, providing real-time payment processing and connectivity between banks — directly comparable to Shaparak's role in Iran's payment network.
• STET: European payment processor operating national payment infrastructure platforms (notably for France) interconnecting banks and PSPs, similar to Shaparak's central switch function in Iran.

Broad incumbents

• TietoEVRY: Nordic IT services and payment infrastructure provider operating payment processing platforms for banks in multiple countries, with overlapping payment-switch and clearing-house capabilities to Shaparak.
• ACI Worldwide: Provides payment processing software and switches used by financial institutions worldwide, including real-time payment infrastructure — a broader incumbent in the same payment-switching technology category as Shaparak.
• Worldline: European payment processing giant offering merchant acquiring, payment processing, and financial services infrastructure, with overlapping payment switching capabilities to Shaparak's central switch.
• Fiserv: Large financial technology provider offering payment processing, card services, and banking infrastructure — a broader incumbent operating in the same payment-switching space as Shaparak.
• Nets (Nexi Group): Nordic and European payment processor providing card processing, payment switching, and digital payment infrastructure across multiple countries, with comparable payment-switch technology to Shaparak.

Emerging players

• FSS (Financial Software and Systems): Global payment processing and financial technology company providing payment switch, card processing, and digital banking solutions — comparable to Shaparak's central switch and payment processing infrastructure offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shaparak

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shaparak