Turkey a Proving Ground for Fintechs, Open Banking

14 Oct, 2020 . 4 minutes

Turkey’s population was estimated at 84.3 million in 2020. The average highest online spenders are aged between 25 and 34 with 30.2 percent last year. B2C ecommerce are expected to increase 11.1 percent year on year and expected to increase to 34.5 million users in 2020.

According to datareportal.com Turkey’s internet penetration rose to 74 percent in January - up 4 percent from 2019. B2C ecommerce users are expected to reach an average transaction value of US$475.9 per user and total transactions to US$16.39 billion by the end of the year.

In January the California Consumer Privacy Act went into effect and made Turkey an important proving ground for the region’s fintechs and open banking. The growth of fintech has relied on merchants upgrading infrastructure and providing services like instant payments and buy-now-pay-later services.

Turkish Interbank Card Center announced an increase in the maximum limit of payments via contactless cards from US$18.50 to US$38.60 from March. It found that the number of cash withdrawals from ATM machines decreased 14 percent in June compared with the same period in the previous year.

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