Digital payments in Turkey - statistics & facts
Driven by rapid digitalization and new technologies, the payment methods market has undergone a significant phase of change in Turkey over the past years. Recent e-commerce trends created more opportunities for new and various digital solutions. The accelerated growth of the e-commerce market in Turkey particularly contributed to the emergence of a cashless society. In 2022, the total value of digital payment transactions made in the country reached over 77 billion U.S. dollars and is expected to rise to almost 133 billion U.S. dollars by 2028. Considering the progress in the market, the path to a cashless Turkish society will be evident in the near future.
Mobile payments were also widely adopted in Turkey, considering the positive development in the number of payments made via mobile banking. In the last quarter of 2023, the total volume of mobile banking payments totaled 386.5 million, which was the highest quarterly value recorded. In 2023, Turkish people mostly used mobile banking to make loan payments, which added up to 853 billion Turkish lira for the whole year. In light of these developments, the upward trend of the digitalization of money in Turkey will likely not lose momentum in the upcoming years.
Transition to a cashless society
The coronavirus (COVID-19) pandemic notably altered the payment preferences and options for both consumers and sellers across many countries. Similarly, in Turkey, cash payments have gradually lost popularity among consumers, as card payments reached a higher market share than cash payments in stores as of 2020. In 2023, card payments accounted for more than half of the total point of sale (POS) payments in the country. Additionally, the results of a recent survey revealed how much Turkish people favored card payments. In 2022, just 14 percent of the public preferred to pay only in cash while shopping.The most popular payment methods in Turkey
As the digital transformation of the financial sector has gained acceleration over the past years, digital payment methods have overtaken cash payments. Card payments have proven to be the country's most popular digital payment type, both in physical stores and e-commerce. Correspondingly, the estimated number of credit cards in use in Turkey increased constantly, reaching nearly 69 million as of 2023. The transaction value of card payments simultaneously went up and showed significant growth in 2023, amounting to roughly 2.4 trillion Turkish lira.Mobile payments were also widely adopted in Turkey, considering the positive development in the number of payments made via mobile banking. In the last quarter of 2023, the total volume of mobile banking payments totaled 386.5 million, which was the highest quarterly value recorded. In 2023, Turkish people mostly used mobile banking to make loan payments, which added up to 853 billion Turkish lira for the whole year. In light of these developments, the upward trend of the digitalization of money in Turkey will likely not lose momentum in the upcoming years.
