Turkey Prepaid Card and Digital Wallet Markets and Investment Opportunities Repo… – Press Release

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Dublin, April 01, 2022 (GLOBE NEWSWIRE) — The “Turkey Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend” report has been added to ResearchAndMarkets.com’s offering.

The prepaid card market (value terms) in Turkey increased at a CAGR of 11.6% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 13.6%, increasing from US$10.36 billion in 2022 to reach US$17.22 billion by 2026.

With the thriving e-commerce market fueled by the COVID-19 outbreak, the Turkish economy saw a transformation in the payment trends. Notably, the Turkish payment market aims to become cashless by 2023. Also, the Turkish financial authorities are taking various initiatives to drive e- payments, such as the national QR code, known as the Turkish QR Code, in August 2020.

Strong growth of the Turkish e-commerce market also widened the prepaid card market’s growth opportunity

The e-commerce market in Turkey recorded strong growth with the rising pandemic and reached new heights in 2021. According to the publisher, the e-commerce sales in Turkey increased more than 65% annually during this period. Moreover, with the increasing awareness and rising usage of contactless payment methods, the publisher expects, with an environment well suited for innovation and entrepreneurship. Additionally, a large young population that is eager to adopt the cashless initiatives, the country will witness a surge in prepaid card adoption in the next four to eight quarters.

Ride sharing companies are building partnerships with fintechs to introduce mobile app-based payments

With the country adopting cashless initiatives, technology firms are partnering with taxi firms and banking providers to explore a convenient payment method where the taxi drivers will not need any separate point of sale (POS) terminal or any other additional hardware to receive payments.

  • In August 2021,…

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