Türkiye digital wallet market was valued at US$76.345 million in 2020.
With rapid urbanization and modernization, the globe is advancing toward digitalization, which enables the audience to work at their convenience. The ongoing digitalization has inclined the usage of the internet. Türkiye is among the fastest-growing economies in the Middle East region. In 2020, internet consumption in the nation was 78%, and the figures grew from 45% in 2012. Moreover, the number of individuals having cellular mobile subscriptions reached 97 (per 100 people).
In addition, consumer behavior was positively impacted by the COVID-19 pandemic, which sped up the shift from conventional in-store shopping to online shopping and pick-up in-store, to the point where businesses implemented safer contactless payment services in response to customer demand for such possibilities. As a result, major companies in the nation’s digital wallet market profited from the switch to e-commerce and digital payments from traditional in-person shopping and payment systems, including a notable rise in net new active accounts and transaction volume. Furthermore, digital wallets also solve the security issue of individuals as they have multiple layers of security for digital wallet transactions, and each transaction is protected by the debit/credit card company, app, retail outlet, and the bank that has issued the card.
Increasing initiatives toward cashless and digital payments
Since the digitalization of payment provides convenience and security, the transition toward it seems to be a sound decision. The majority of the country’s population is under the age of 30, making them take up experiments in diverse fields. Some of the nation’s banks like BKM plans to make the country cashless by 2023. Along with that, Türkiye is a famous tourist destination and is known for its natural beauty and historic and cultural sites. Booking of tickets, hotels, and other related necessary items is preferred to be done online in order to efficiently manage time. Contactless payments tend to simplify the checkout process also, and it seems to be more convenient for customers who wish to have a hassle-free and faster process.
Furthermore, the market players are also expanding their horizons through investments, partnerships, and product launches. For instance,
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. TÜRKIYE DIGITAL WALLET MARKET, BY DEVICE
6. TÜRKIYE DIGITAL WALLET MARKET, BY APPLICATION
6.2. Money Transfer
6.4. Movie Booking
6.5. Food Ordering
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. Google LLC
8.2. BKM Express
8.3. Papara Elektronik Para A.?.
Papara Elektronik Para A.?.
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