“If one had but a single glance to give the world,
one should gaze on Istanbul.”
Alphonse de Lamartine
Imagine a country playing the role of a bridge between Europe and Asia with its people reaching from Middle Asia with a civilisation carrying both the Middle East and West influence. A country that has such a rich and magnificent historical background. A unique cultural mosaic. Today, we will take the payment options in Turkey under our spotlight. But it is wiser to comprehend this eccentric country and its extraordinary people for a better start.
Officially the Republic of Turkey, Turkey is a transcontinental country located mainly in Anatolian Peninsula and Southern Europe. It has many border neighbours from diverse backgrounds; Greece, Bulgaria, Georgia, Syria, Armenia, Iran, and Iraq. Three seas surround Turkey: the Black sea to the north, the Mediterranean sea to the south, and the Aegean sea to the west. It has a population of around 85 million, and Turks make up about 75% of the population.
Undoubtedly, the most prominent city and popular tourist destination is Istanbul. Although many foreigners are mistaken, in fact, this stunning city is not the capital of Turkey. The capital is Ankara, located in the centre of the country. Istanbul, however, is the most crowded city, with over 15 million residents. This incredible city landed in Europe and Asia and was built on seven hills, just like another legendary city, Rome. This was not a coincidence. The Byzantine Empire constructed the city to be the new Rome, and all seven hills have some historical significance in strategic spots.
Turkish culture has been influenced by Middle Eastern culture since the days the Turks converted to Islam. But modern Turkish people are not living like Middle Easterners apart from cultural aspects such as superstitions and cuisine, especially in the eastern part of Turkey. To be frank, life in Turkey is much more proximate to the dynamism of Western countries than life in Eastern countries, which are heavily conditional on the rules of Islam.
Regarding gender equality and secularism, despite what Hollywood says, Turkey is not an Arabic country. We can see clearly in the movie “The Accidental Spy” that Turkey is marketed to the world as an underdeveloped country with people riding camels and tyrannised women wearing traditional clothing similar to the burqa.
As a matter of fact, Türkiye is one of the first countries that granted women the right to vote and be elected. When the modern Turkish parliament blessed Turkish women with this democratic right in 1934, most European countries never thought of this guideline even. All thanks to foreseen Mustafa Kemal Atatürk, who carried out a revolutionary policy trying to create a homogeneous and unified nation where both genders and all ethnicities are equivalent.
“If my words are against science one day, choose science.”
Mustafa Kemal Atatürk
Today, Turkey has an excellent free education system, including university education. The healthcare system is also accessible for those with little to no income and is covered by insurance for employed people. The children and spouses of employed citizens can share the same insurance and use the healthcare system. Turkey does not always have butterflies and rainbows for low-income families, especially with the latest inflation rates. However, the system is much more available than in most other so-called “developed” countries.
On the other hand, Turkey is in the limelight for numerous influential investors worldwide due to its geopolitical position and young workforce. The country’s importance rises when we count significant natural resources like chromite, bauxite, copper, iron, lead, zinc, antimony, asbestos, manganese, pyrites, sulphur, and mercury. Moreover, it mainly exports Automotive, Motor vehicles (parts and accessories), Delivery Trucks, Gold, and Refined Petroleum. What about its position as the top producer of hazelnuts and apricots around the globe? It is pretty impressive!
Are you a traveler desiring to witness the fantastic attractiveness of Türkiye? A digital nomad looking for ways to move to mystical Istanbul, lovely Izmir, or the sunny Mediterranean coast of Antalya? Actually, Turkey is one of the most-ranked countries for digital nomads. Do you see the tremendous opportunity on this land as an entrepreneur? No matter what you are committed to, you better have complete knowledge about payment methods in Turkey with their pluses and minuses.
Choosing Payment Methods in Turkey
According to the International Monetary Fund, Turkey has an emerging market economy. The nation is among the world’s foremost producers of agricultural products; therefore, it is viewed as self-sufficient. While having splendid potential, unfortunately, the country has recently suffered incredibly high inflation rates. Thus, Turks are sadly battling with their purchasing power getting weaker day by day, and as a natural result, they prefer credit cards over cash and the piling credit card debt in most households.
What Are The Different Types of Payment Methods in Turkey?
In light of the latest statistics, Türkiye has 69.95 million internet users in January 2022, whereas this subject internet penetration rate stands at 82% of the total population. From this perspective, consumers can easily access online banking and mobile wallets. Yet, Turkish people still utilise cash and love using their debit/credit cards. Let’s evaluate the preferred payment methods and practices in Turkey now.
Payment practices in Turkey
- Cash in Turkey
Türkiye is definitely not a cash-free country. The former fiat currency of the country is the Turkish Lira, which mainly circulates from hand to hand. Besides the Turks’ conservative habits, there are multiple reasons for this attitude.
Sadly, in the less developed cities of Turkey, it is only sometimes possible to find places where credit and debit cards are accepted. If you travel to Turkey, you will need to exchange your money for Turkish Lira or withdraw Turkish Lira directly from ATMs. It is always fun to use the local currency for small transactions anyways. When in Rome, do as the Romans do!
- Credit Card in Turkey
Credit cards are highly in usage as well. Due to inflation, most adults prefer credit cards over cash to push their debt a month away. Credit card penetration is 84.6 cards per 100 individuals. This is the most heightened among its coequals. The frequency of using a credit card for online and in-store payments is 61.2 times per card per year. So Turkey operates the highest card usage after Poland and Russia.
Most major credit and debit cards, such as Mastercard, Visa, Maestro and American Express, are widely accepted in Turkey. You can find ATMs on almost every corner. Moreover, besides conventional POS terminals in nearly all stores in big cities, banks also offer virtual POS terminals enabling merchants to accept online card payments.
- Digital Wallets in Turkey
Today, digital wallets are often accepted as the best payment methods online, thanks to the security they provide and fast transaction times that you do not need to wait for days. Let’s remember how easy it is to open a digital wallet account, too. In contrast to traditional banking systems, individuals can create their accounts with a few clicks.
Considering the immersive Internet access to the Internet, it is not surprising to see Turks opening digital wallets. While credit cards are still mostly preferred for online transactions, there is a significant increase in people owning digital wallets.
- Cryptocurrency in Turkey
Turkey is one of the most cryptocurrency-friendly countries in the arena. Binance, the largest cryptocurrency exchange in volume, employs more and more Turkish-speaking specialists and customer service to maintain power in the game. Again, the reason can be the inflation of the Turkish Lira. It is estimated that over 4.5 million people, 4.7 % of Turkey’s total population, own a type of cryptocurrency or more. Pretty high, right?
It is entirely legal to buy, sell and trade coins in Turkey. There are multiple trading platforms, including local venues and everyone, even inexperienced beginners, can safely trade and take advantage of volatility. Turkish people are very fond of fresh trends and making a profit as long as it is legal and safe. This is why there is a booming curiosity by Turkish people towards cryptocurrencies, and it does not look like it will stop anytime soon.
Jeton Wallet in Turkey!
Merhaba, güzeller güzeli Türkiye!
As the Jeton Wallet family, we have always been great admirers of the uniqueness and kaleidoscopic culture of Türkiye! Such a breathtaking history and massive potential. We have been serving Turkish consumers for long years, and we learned precisely what you expect from an online payment provider. So, our professional inner circle designed custom-made solutions for you.
You can send and receive international money transfers in over 50 fiat currencies and crypto coins. Even more, all these transactions are available in Turkish Liras while they are out of charge between two Jeton users. Therefore, you will not worry about high exchange rates or fees.
As a scoop of ice cream on your baklava, Jeton Wallet’s avant-garde services are all gathered in our game-changer mobile application, Jeton App. Entirely compatible with iOS and Android operating systems, this smooth app presents instant reach to your transaction history with details.
To learn more about our superb online payment services in Türkiye, visit jeton.com today and enjoy a completely different experience in operating your money transfers worldwide.
