Turkey is perfectly placed to become the world’s next cashless society – a true digital payment powerhouse.

The country is excelling from a business and economic perspective, and is aiming to be totally cashless by 2023. With a GDP of around $850 billion, Turkey is currently the 17th largest economy in the world, according to the World Bank. The country’s vision is to be one of the top ten world economies by 2023, and it is well on track to achieve this.

If you couple this with a high acceptance of payment cards, a young, tech-savvy population, and increasing amounts of investment – both domestic and from abroad – into the financial technology scene in Turkey, you have an economy ready and willing to take the leap into becoming cashless. But can they achieve this? There’s a number of reasons why the answer to that is an emphatic “yes”.

Demographic

A key factor in Turkey achieving its aim of becoming a cashless society by 2023 is the existing, and future, demographic of the country. Almost a quarter of all Turks are younger than 14, and around half are under 30. Only 9% are above the age of 65. Generally speaking, it will be the younger generations leading the adoption of new digital services – indicating that Turkey has an incredibly strong base of consumers who are ready, and already starting, to make the shift to digital payments.

According to a study by ING, 56% of the Turkish population have used a mobile payment app at some point. This is more than double European countries such as France (25%) and Germany (23%) – indicating that banks and other financial institutions can place a strong degree of confidence in adoption of new or existing mobile payment technologies introduced to the market. With such a significant proportion of the population open to these technologies, it’s also likely that any solutions introduced will quickly cover many sectors of the economy.

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http://www.bankingtech.com/2018/01/turkey-the-next-cashless-society/

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