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 made significant progress in economic development, focusing on tourism, agriculture, manufacturing, and technology.
Serving as a gateway between Europe and Asia, Turkey’s well-established trade networks and strategic access to global markets have supported consistent growth. Despite global challenges such as the COVID-19 pandemic, the Turkish economy demonstrated strong resilience — expanding by 5.0% in 2021 and an estimated 3.5% in 2022, driven by tourism recovery, export strength, and increasing foreign investment.
Tourism remains one of Turkey’s strongest economic pillars, significantly contributing to GDP and employment. Major destinations like Istanbul, Antalya, and Cappadocia draw millions of visitors annually, blending ancient landmarks with world-class hospitality and shopping experiences.
Turkey’s strategic location enhances its role as a regional trade hub connecting Europe, Asia, and the Middle East. Supported by various international trade agreements, Turkey maintains robust export relationships with countries in the EU, MENA, and Central Asia. The government continues investing heavily in infrastructure, logistics, and digitalization to strengthen its position in global commerce.
While inflation remains a challenge — averaging around 15% in 2023 due to global price pressures — the Central Bank of Turkey continues to pursue monetary policies aimed at maintaining stability and supporting sustainable growth.
Turkey’s economy is strongly supported by its diverse trade base. In 2023, the country’s exports reached approximately USD 255 billion, while imports totaled around USD 362 billion, reflecting its vital role as a regional trade hub. Major export products include automotive parts, machinery, textiles, steel, and agricultural goods, while imports are dominated by energy products, machinery, chemicals, and electronics.
Turkey’s combination of economic resilience, technological innovation, and an advanced payment landscape makes it one of the most promising markets for digital payment providers, fintech innovators, and international merchants seeking to enter or expand across Europe and Asia.
Top banks
Turkey’s banking sector is robust, comprising a mix of state-owned, private, and international banks that offer a wide range of financial services, including retail banking, corporate finance, investment banking, and digital banking solutions. Leading banks in Turkey, such as Ziraat Bankası, İşbank, Garanti BBVA, and Akbank, play a key role in supporting the country’s economic growth, financial inclusion, and digital payment adoption.
Ziraat Bankası
Ziraat Bankası – One of Turkey’s largest state-owned banks, offering retail banking, corporate loans, agricultural finance, and digital banking solutions. Supporting trade, farming, and national economic growth with innovative and secure financial services.
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İş Bankası (Türkiye İş Bankası)
One of Turkey’s leading private banks, İş Bank offers a full range of retail banking, corporate banking, SME financing, and digital banking services. Renowned for its innovation, entrepreneurship support, and commitment to sustainability, İş Bankası drives technological advancement and economic growth in Turkey’s financial sector.
Garanti BBVA
One of Turkey’s largest private banks, Garanti BBVA provides a full range of retail banking, corporate banking, SME financing, and digital banking services. Known for its technological innovation, customer-centric approach, and commitment to sustainability, Garanti BBVA is a leader in modern banking and financial innovation across Turkey.
Yapı Kredi
One of Turkey’s leading private banks, Yapı Kredi offers comprehensive retail banking, corporate banking, SME financing, and digital banking services. Renowned for its customer-focused innovation, advanced digital infrastructure, and financial expertise, Yapı Kredi drives economic growth and financial development across Turkey.
Halkbank
A leading state-owned bank in Turkey, Halkbank specializes in retail banking, SME financing, corporate banking, and digital banking solutions. Dedicated to economic development and financial inclusion, Halkbank provides accessible loans, trade finance, savings, and investment products, supporting business growth and Turkey’s domestic economy.
VakıfBank
A leading state-owned bank in Turkey, VakıfBank offers comprehensive retail banking, corporate banking, SME financing, agricultural loans, and digital banking services. Committed to economic growth, financial inclusion, and innovation, VakıfBank provides secure payment solutions, loans, savings, and trade finance for individuals and businesses across Turkey.
QNB Finansinvest
A leading investment and brokerage firm in Turkey, QNB Finansinvest offers expert services in equities, bonds, derivatives, and portfolio management. With innovative financial solutions for institutional and retail investors, it supports investment growth, wealth management, and capital market development across Turkey.
DenizBank
A leading private bank in Turkey, DenizBank offers comprehensive retail banking, corporate banking, agricultural finance, trade finance, and digital banking services. Known for its innovative payment solutions, loans, savings accounts, and financial inclusion initiatives, DenizBank supports economic growth across both urban and rural regions of Turkey.
Top payment methods
To meet the needs of both local shoppers and international visitors, Turkey offers a broad range of payment methods. Businesses across retail, travel, and hospitality widely accept Visa, Mastercard, and American Express (Amex), while local alternative payment methods (APMs) are rapidly expanding to meet the growing demand for digital payments.
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 Turkey’s trusted digital payment platform, enabling secure online payments, money transfers, and bill payments via its app and website. Users can link bank accounts or cards for instant transactions. With low fees, business payment tools, and advanced encryption, Paybol offers a safe, convenient, and reliable e-wallet solution in Turkey.
Payfix
Payfix is Turkey’s leading digital payment platform, offering secure online payments, money transfers, and bill payments through its e-wallet app and website. Users can easily link bank accounts or cards for fast transactions. Trusted across Turkey, Payfix simplifies personal and business payments. Leave your email below to start using Payfix today.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
American Express (AMEX)
American Express (AMEX) is a widely accepted global payment method, used in over 130 countries with more than 100 million cards in circulation. AMEX cardholders spend on average 3-4 times more than Visa and Mastercard users, making it a top choice for premium businesses, luxury brands, and high-value e-commerce transactions.
Papara is Turkey’s leading digital payment system and fintech platform, trusted by over 23 million users. Through the Papara app or website, users can make payments, transfer money, pay bills, and perform mobile top-ups instantly. Accounts can be funded via bank transfers or card deposits, and users can spend with virtual or physical Papara prepaid cards. Supporting cryptocurrency investments and secured by two-factor authentication and encryption, Papara offers a safe, fast, and reliable digital wallet solution for both personal and business financial transactions in Turkey.
Havale
Havale is a popular bank transfer payment method in Turkey, enabling users to send money directly between bank accounts. Widely used for online shopping, bill payments, and business transactions, Havale offers secure, fast, and convenient domestic transfers. Integrate Havale to enhance your business’s payment options.
Paratim
Paratim is a Turkish mobile payment platform that allows users to shop online, pay bills, and transfer money quickly via smartphones. It offers secure, user-friendly digital payment solutions, simplifying transactions for individuals and businesses across Turkey. Integrate Paratim to enhance your business’s payment options.
Pep
Pep is an innovative digital banking and payment app in Turkey, offering fast, secure peer-to-peer (P2P) transfers, online purchases, and budgeting tools. Combining modern banking features with simplicity, Pep allows users to manage finances, make mobile payments, and perform secure transactions directly from their smartphones.
Parolapara
Parolapara is a Turkish fintech wallet that supports secure online payments, account-to-account transfers, and e-commerce transactions. It offers an easy, reliable digital payment method, helping both consumers and merchants complete transactions efficiently in Turkey’s growing cashless economy.
Parazula
Parazula is a Turkish digital payment platform that allows users to make secure online payments, transfer funds, and pay bills easily. It provides fast, convenient, and reliable fintech solutions, supporting both consumers and merchants in Turkey’s growing cashless economy.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
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 in Turkey, including EFT (Electronic Funds Transfer) and wire transfers, are widely used for larger transactions, business payments, and utility bill payments. The Turkish banking system provides secure and efficient domestic and international money transfer services, supported by modern online banking and digital payment platforms. With increasing adoption of digital banking solutions, bank transfers in Turkey have become a reliable and convenient method for individuals and businesses to manage their finances.
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.
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