Turkey
Turkey, a vibrant country straddling both Europe and Asia, is renowned for its rich history, diverse culture, and strategic geographical position. With a population of approximately 85 million, Turkey has been making significant strides in its economic development, focusing on sectors such as tourism, agriculture, and manufacturing. The country is often regarded as a gateway between Europe and Asia, thanks to its unique location and well-established trade networks. The Turkish economy has demonstrated resilience and adaptability, particularly in the face of global challenges. While the economy faced difficulties due to the COVID-19 pandemic, it rebounded with a growth rate of approximately 5.0% in 2021..
Turkey, a vibrant country straddling both Europe and Asia, is renowned for its rich history, diverse culture, and strategic geographical position. With a population of approximately 85 million, Turkey has been making significant strides in its economic development, focusing on sectors such as tourism, agriculture, and manufacturing. The country is often regarded as a gateway between Europe and Asia, thanks to its unique location and well-established trade networks. The Turkish economy has demonstrated resilience and adaptability, particularly in the face of global challenges. While the economy faced difficulties due to the COVID-19 pandemic, it rebounded with a growth rate of approximately 5.0% in 2021, driven by a recovery in tourism and increased exports. In 2022, the economy continued to grow, with an estimated growth rate of 3.5%, supported by foreign investment and a resurgence in international tourism.
Tourism is a cornerstone of Turkey's economy, contributing significantly to GDP and employment. The country boasts a wealth of historical sites, including ancient ruins, palaces, and stunning coastlines, making it a popular destination for travelers. Cities like Istanbul, Antalya, and Cappadocia are known for their rich cultural heritage and modern amenities, attracting millions of visitors each year. Many businesses, hotels, and tourist attractions in Turkey accept major international payment methods such as Visa, Mastercard, and American Express (Amex), providing tourists with convenient options for transactions during their stay.
Turkey's strategic location enhances its role as a trade hub. As a member of various international trade agreements, Turkey has established strong trade relationships with neighboring countries and beyond. The government has been actively working to improve infrastructure, including ports and transportation networks, to facilitate trade and attract foreign investment. In recent years, Turkey has also focused on diversifying its economy beyond traditional sectors. The government has initiated reforms aimed at promoting technology, renewable energy, and manufacturing. The Turkish startup ecosystem is burgeoning, with a growing number of tech companies and innovation hubs emerging, particularly in urban centers like Istanbul and Ankara.
Inflation in Turkey has been a concern, with consumer price inflation hovering around 15% in 2023, influenced by global economic conditions and supply chain disruptions. The Central Bank of Turkey has adopted a cautious monetary policy to manage inflation and support the economy.
Top banks
Ziraat Bankası
One of the largest and oldest banks in Turkey, offering a wide range of financial services.
%20.png)
İş Bankası (Türkiye İş Bankası)
Known for its extensive branch network and diverse banking products.
Garanti BBVA
A major private bank that provides various banking and financial services.
Yapı Kredi
Offers a comprehensive range of banking services and is known for its innovative products.
Halkbank
A state-owned bank that focuses on small and medium-sized enterprises (SMEs) and retail banking.
VakıfBank
Another state-owned bank, providing a variety of banking services to individuals and businesses.
QNB Finansinvest
A subsidiary of Qatar National Bank, offering investment and banking services.
DenizBank
Known for its customer service and a wide array of financial products.
Top payment methods
BKM Express
BKM Express is a service provided by the Interbank Card Center (BKM) that allows users to make online payments easily. It enables consumers to link their bank accounts or credit cards to a single digital wallet, which can be used for various transactions, including online shopping and bill payments. Users can make payments without needing to enter their card details for each transaction, enhancing security and convenience. BKM Express also supports various merchants and service providers, making it a versatile option for consumers.
Paycell
Paycell, on the other hand, is a mobile payment solution developed by Turkcell, one of Turkey's leading telecommunications companies. Paycell allows users to make payments through their mobile devices, offering services such as money transfers, bill payments, and online shopping. Users can fund their Paycell accounts through bank transfers or credit cards, and the platform also supports QR code payments, making transactions quick and efficient. Additionally, Paycell provides features like loyalty programs and promotions, enhancing the user experience.
Paybol
Paybol is a digital payment method in Turkey that allows users to make secure online payments, money transfers, and bill payments. Users create an account through the Paybol app or website, linking it to their bank accounts or cards. It supports payments for online shopping, services, and transfers to other Paybol or bank accounts with low fees. Paybol also provides a simple platform for businesses to receive payments. With advanced security features like encryption and authentication, Paybol ensures safe transactions. Overall, it offers a convenient and reliable solution for managing finances and making payments in Turkey.
Payfix
Payfix is a digital payment platform in Turkey that simplifies online transactions for individuals and businesses. Users can sign up via its app or website, linking their bank accounts or cards for easy access. Payfix enables secure payments for goods and services, money transfers to other Payfix users or bank accounts, and bill payments, such as utility bills and mobile top-ups. The platform offers a convenient way to manage daily financial tasks. Payfix e-wallet ensures security through encryption and authentication features, making it a reliable and user-friendly option for both personal and business payments in Turkey.
Visa
Visa is the world's largest global card network by transaction value, ubiquitous worldwide. Visa positions itself as "the best way to pay and get paid by everyone".
Mastercard
As one of the largest card brands in the world, Mastercard dominatesthe co-branded card market in Europe. It is also the leader incountries like Austria, Brazil, Canada, Colombia, Germany, Hungary, Venezuela, and in the Benelux among others.
American Express
Accepted in more than 130 countries and with over 100 million cards inuse, American Express (AMEX) is a relevant payment method worldwide. AMEX cardholders spend on average three to four times more than Visaand Mastercard cardholders, making it of particular interest to premium and more sophisticated businesses.
Papara is a digital payment system in Turkey, offering users a convenient way to manage finances. It allows users to make payments, transfer money, and pay bills via its mobile app or website. Users can create an account, fund it through bank transfers or card deposits, and use virtual or physical prepaid cards for online or in-store purchases. Papara enables instant money transfers between users, bill payments, and mobile top-ups. It also supports cryptocurrency investments. With security features like two-factor authentication, Papara provides a versatile and secure platform for both personal and business financial transactions.
Concluding remarks
Turkey's payment landscape is evolving, with a significant shift towards digital and contactless payment methods, driven by technological advancements and changing consumer preferences.
Cash
Cash remains a popular payment method, especially for small transactions and in rural areas.
Credit and Debit Cards
Credit and debit cards are commonly accepted in urban areas, shopping centers, and restaurants. Major card networks like Visa and MasterCard are widely used.
Mobile Payments
The use of mobile payment applications has been growing, with platforms like BKM Express, Paycell, and in-app payment options from banks gaining popularity.
Bank Transfers
Bank transfers, including EFT (Electronic Funds Transfer) and wire transfers, are frequently used for larger transactions and bill payments.
E-Wallets
Digital wallets are becoming increasingly popular, allowing users to store funds and make payments through their smartphones.
Cryptocurrency
While not mainstream, there is a growing interest in cryptocurrency transactions among certain segments of the population.
Installment Payments
Many retailers offer instalment payment plans, allowing consumers to pay for purchases over time, which is particularly common for larger items.
About Processing News
You Won’t Learn This in Business School – Real Industry Insight
The financial world moves fast. Payments power the global economy, but few truly understand how it all works. That’s where we come in. At Processing News, we don’t just report on the payments industry — we’ve built it, run it, and innovated within it.
Our contributors are former fintech executives, payment system architects, compliance officers, and tech insiders with firsthand experience.
We launched Processing News to be the Wikipedia of Payments — accessible, in-depth, and above all, accurate. In an era of clickbait headlines and recycled press releases, we deliver reporting grounded in real-world knowledge.
Whether it’s new regulations, card network changes, emerging fintech, or fraud detection trends — we break it down with clarity, context, and credibility.Welcome to Processing News.Real people. Real experience. Real payments journalism.
Contact us:
