The country’s large young population with high levels of awareness of and receptivity to new technological services and developments continues to remain an important driver of digital commerce, persuading industry players to make further investments in its infrastructure. Digital commerce will continue to benefit from ongoing investments by companies, associations and leading banks in new service developments.
PC lost its position as the leading payment device in digital commerce to mobile in 2019. While the value of digital transactions through PCs still continued to grow in 2019, they were unable to keep pace with the more dynamic performance of mobile payments.
Bill payments, retailing and transport were the biggest industries in digital commerce in 2019. Bill payments continued to record strong growth thanks to increasing consumer awareness and a preference for using the mobile apps of leading banks.
Leading banks and card operators continue to invest in their e-wallet applications and extend their collaborations with leading companies in various industries with major digital commerce potential. BKM Express, the leading mobile wallet in Turkey, continues to enjoy strong consumer trust and remains highly innovative in terms of new service development.
Garanti BBVA – Turkey’s pioneering digital banking services provider – was investing in its mobile banking and digital commerce infrastructure throughout the review period. The bank was named “Turkey’s Best Digital Bank,” for the second year in a row and its mobile app, Garanti Mobile, was selected as “Turkey’s Best Mobile Banking Application” at the 2018 Digital Banking Awards held by World Finance Magazine.
Fintech and e-payments player PayU, which provides payment technology for online retailers, among other things, has acquired digital payment services provider Iyzico in a USD165 million deal. Iyzico provides secure payments to over 300 marketplaces, 400,000 personal sellers and 30,000 online merchants, including big name brands such as Amazon, Nike and H&M.
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