Turkey has a modern banking system which allows citizens and companies to complete transactions through various means, among the most used ones being debit and credit cards. Moreover, the number of transactions completed through bank cards increased significantly on a year-to-year basis, according to a study carried out by a private bank in Turkey. If you want to start a business in the financial industry, our law firm in Turkey can assist you.
October 2017 was one of the best months for credit and debit card payments, as 59,5 billion Turkish liras accounted for payments through one of these means. During the same month, Turkish residents used 61,5 million credit cards and 128 million bank cards to purchase goods or services.
Compared to the same period of time in 2016, the number of credit card transactions rose by 6%, while the cards emitted by Turkish banks increased by 12%. However, credit cards are by far more employed to purchase goods and services in Turkish stores, as 52,9 billion liras were withdrawn from them, while only 6,6 billion liras were paid with the help of debit cards.
Credit card payments rose by 16% on a year-to-year basis, according to the report. It should be noted that opening a bank account in Turkey comes with facilities, such as debit or even credit cards.
The appearance of a larger number of online shops could explain the rise in payments made with credit and debit cards. Also, the fact that most companies link their corporate accounts to merchant ones, has improved the experience of their customers who were more motivated to pay via the Internet instead of paying upon delivery. In this sector, payments by debit cards rose by 45% between October 2016 and October 2017.
Payments made via the internet also rose during the first 10 months of this year by 14%, 3% more than last year. The report shows that 2017 was a very good year for online payments, as the total amount of money received through card payments rose to 81 billion liras between January and October.
Our Turkish lawyers can help you set up various types of bank accounts here, from corporate to merchant ones, so do not hesitate to contact us.