Retail Payment Systems
In the OIC Member Countries
86
orders can be sent in TRY, EUR or USD. There is a maximum value threshold of TRY
20,000, EUR 3,000 and USD 3,000 respectively. Postal money orders can be sent to and
from over 200 other countries and territories via the Western Union money transfer
service.
Electronic Banking
Electronic banking is available in Turkey and offered by all of the country’s commercial banks.
There is no bank-independent electronic banking standard in Turkey; each bank offers its own
proprietary system for corporate banking purposes. Services available include balance and
transaction reporting and payment initiation.
Internet banking is offered by approximately 26 banks in Turkey (HSBC, 2013). Services
available include balance and transaction reporting and payment initiation. There are
currently around 24 million account holders registered to bank online. At the end of June 2012,
Turkey had an internet penetration rate of 44%. Mobile banking is offered by 15 banks in
Turkey. There are 2.9 million registered mobile banking customers (HSBC, 2013).
Summary
As an advanced emerging economy, with a growing middle class interested in novelty in
general and modern payment systems, Turkey has benefitted from considerable investment in
advanced retail payment systems. The government has sought to establish clear regulatory
guidelines, foreign banks have quickly adapted their state-of-the-art functions to the Turkish
market, and local banks have innovated quickly and efficiently in new payment systems. Both
contactless and mobile payment systems are increasingly common and there are indications
that e-wallets may be successful in integrating such services, so long as the proliferation of
proprietary standards do not inhibit dissemination.