Situated between Europe and Asia, Turkey has been the crossroads for empires, ideas and technology, and now the modern payments industry. This cross-pollination has led to a unique payments marketplace with characteristics of both mature European markets and developing Asian payments markets. According to Mercator Advisory Group’s research note, Country Payments Market Profile: Turkey, the country exhibits significant use of electronic payments like mature markets but has had high growth rates in recent years that align with growth seen in many Asian and other developing markets.

Regardless of this mixed maturity, Turkey is one of the most exciting payments markets and holds the potential of becoming a leading source of innovation and growth for the global payments industry.

“Moving forward, Mercator Advisory Group expects the Turkish market to garner attention from the global payments industry, particularly within mobile payment and e-commerce as these segments have the most potential and are expected to undergo the most innovation and change in the next few years. That being said, there is still plenty of room for growth within the traditional retail banking and payment cards segments, which will certainly attract investment and further acquisitions of domestic players from international industry participants,” comments Tristan Hugo-Webb, Associate Director of the Global Payments Advisory Service and the author of the note.

This note contains 12 pages and 6 exhibits.

Companies mentioned in this note include: MasterCard, Provus, Garanti Bank, Turkcell.

Members of Mercator Advisory Group’s Global Payments Advisory Service have access to these notes as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.