Turkey Digital Wallet market was valued at US$1,697.375 million in 2019. The country is one of the fastest-growing economies in the middle-eastern region and the digital wallet market in this country is expected to witness good growth over the forecast period. The market growth in this country is majorly attributed to increasing penetration of smartphones among people and improving access to a good internet connection which is favoring digitization of many functions which, earlier, were mainly offline. The penetration of internet in this country had been fairly low till 2001, but this figure has climbed a steep growth curve since then. From only 5.19% of the population having access to the internet in 2001, the country now has more than 71% of people with access to the internet (Source: The World Bank Group). As this seems a favorable environment for the growth of the digital wallet market, many market players are pumping investments into this country. This is increasing the adoption of digital wallets among customers, thus boosting the market growth. However, the fairly high confidence of some people in cash transactions continues to limit the growth of this market to some extent. Although the shift towards digital transactions, including the use of digital wallets, is fairly continuous and at a good pace, a significant share of people in this country are still reluctant to make the leap to digital wallets on account of their security concerns. Yet, increasing the spread of the novel coronavirus disease in this country is pushing people to refrain from making cash transactions and use mobile payments since they are contactless, and thus minimize the risk of contracting the disease through the transfer of cash.
Turkey digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Turkey digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.
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