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Turkey

Turkish Payment Market Overview

Turkey occupies a unique position, sitting in both the European and Asian e-commerce markets. However, the Turkish e-commerce space is estimated to be worth $11.6 billion, and accounts for a relatively small share of overall retail spend in Turkey, at just 4.1 percent. From this low baseline, the country’s e-commerce market is expected to grow at a rapid compound annual growth rate of over 10 percent.

The government has committed to boosting the country’s access to high-speed digital technology, which has resulted in improved internet speeds and a growth in good-quality information and communications technology infrastructure. Turkey’s position as a gateway between Europe and the Middle East could help drive further international investment and growth in its e-commerce industry, as it can act as a regional hub for international delivery players.

Payment Methods in Turkey

Key Market Indicators in Turkey

$11,600,000,000
Online shopping market value
64.7%
Internet penetration
30%
Mobile e-commerce
$334
Avg annual online spend

Banks in Turkey

Ziraat Bank
Isbank
Garanti Bank
AKBank
Yapi Kredi Bank
Denizbank
Finansbank
Vakifbank

Mobile Carriers in Turkey

Turkcell
Vodafone
Türk Telekom

Integrate Turkish Payment Methods

Card is the dominant payment method when shopping online in Turkey, used for 64 percent of online transactions totaling $7.42 billion in annual sales. Debit is preferred over credit in Turkey, with 1.63 debit cards per capita, compared with 0.77 credit cards per capita. When it comes to a preferred card brand with which to shop online, Turkish consumers tend to treat Visa and Mastercard equally.

This adoption of specific payment methods in Turkey will inevitably be influenced by the fact that a large proportion of Turkish citizens remains without a bank account – just over a third of the population is unbanked. The use of cash is particularly prevalent for ‘micropayments’ – small, daily expenditures such as newspapers, taxi journeys and coffees.

Country Statistics
Region Non-EU Europe
Population 83 million
E-commerce market size $11,6 billion
Local currency TRY
Key Metrics
Internet penetration rate 43%
Internet cost $7/month
Mobile penetration rate 72%
Cellular technology standard 4G, 5G
Dual sim usage 8.33%
Popular mobile OS Android
Other Information
Big Mac Index 2.21
Average annual income $3,721.7
Largest Cities in Turkey by Population
Istanbul 14,025,646
Ankara 4,587,558
İzmir 2,847,691
Bursa 1,854,285
Adana 1,563,545
Gaziantep 1,495,050
Konya 1,003,373
Antalya 955,573

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