Top Payment Trends in Turkey in 2021

Alper Sayin, Director Cash Planning and Operations at Garanti BBVA, has summarised the key cash and payment trends facing Turkey in 2021. Cash is increasing but cost control remains high on the agenda, with new cash processing tools being used and an ATM pooling initiative being closely monitored.

As in many countries, digital payments have been growing fast and the infrastructure for fast payments is now in place. Banks are starting to look at and work with blockchain and cryptocurrency, although this is far from being mainstream.

Cash trends

Interestingly, although there is a high level of digitalisation in Turkey, cash in circulation is still increasing. The main cause is the high number of unbanked people compared to developed countries, along with a high inflation rate. In 2020, the number of banknotes in circulation increased by 28% compared with a ten-year average increase of 10%.