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Turkey

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, 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. 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.

Currency:
Turkish Lira

Top banks

Wallet

Ziraat Bankası

One of the largest and oldest banks in Turkey, offering a wide range of financial services.

Wallet

İş Bankası (Türkiye İş Bankası)

Known for its extensive branch network and diverse banking products.

Wallet

Garanti BBVA

A major private bank that provides various banking and financial services.

Wallet

Yapı Kredi

Offers a comprehensive range of banking services and is known for its innovative products.

Wallet

Halkbank

A state-owned bank that focuses on small and medium-sized enterprises (SMEs) and retail banking.

Wallet

VakıfBank

Another state-owned bank, providing a variety of banking services to individuals and businesses.

Wallet

QNB Finansinvest

A subsidiary of Qatar National Bank, offering investment and banking services.

Wallet

DenizBank

Known for its customer service and a wide array of financial products.

Top payment methods

Wallet

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.

Wallet

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.

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 us

Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life. 


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