With the recent global financial recession taking place, many of the world’s leading countries’ economies fell drastically. While many were struggling to gain a foothold in recovery, the Turkish economy expanded by 9.2% in 2010 and by 8.5% in 2011. This solidified Turkey’s place as the fastest growing economy in Europe as well as one of the fastest growing economies in the world.
What this classification meant in Turkey was that it can no longer be seen as a developing country as it was finding success when other developed countries were not. This spelled out success for the technology and communications industry within Turkey which led to an active gamer base of 21.8 million for a total of $450 million as of 2012. The most impressive statistic about Turkey is not its active gamer base nor its monetary sum but that out of the 21.8 million active gamers, roughly 52% or 11.4 million users spend money on games. These active users had to pay for their game one-way or another so, next, we will look into the payment industry within Turkey covering options such as Pre-Paid cards, E-Wallets, Credit/Debit Cards, and Phone/Mobile Payments.
E-wallets are a primary source of payment for online goods within Turkey as seen by the widespread adoption of CashU, the most widely used electronic wallet in the Middle East. Accepting payments from over 28 different countries within Europe and the Middle East, CashU has more than 12 million subscribers as a part of Maktoob.com. Although CashU is a very popular method of online payments within Turkey, Skrill also plays a large role representing e-wallets. Skrill allows it’s user to securely and cost-efficiently send/receive payments online using an email address. Used all over the world and mainly in Europe, Skrill has emerged as one of the leading digital money companies.
Pre-Paid cards are another popular and convenient method of payment within Turkey as seen by Ukash, a prepaid voucher payment method which is used as a ready-to-spend PIN code. The user can use this PIN code to directly pay at over 320,000 physical points of interest as well as on Ukash-friendly websites. Ukash is the largest global prepaid cash-card network in the world covering not only Turkey but also diverse areas such as Germany, Israel, the UK, and Malaysia.
Mobile Phone Payments
One of the most popular methods of payments in Turkey include mobile phone payments. In this industry, one name tops all others with that name being 3Pay. 3Pay is a wallet that can be topped up using mobile payments, credit cards, and prepaid game cards. With a population of 72 million in Turkey, mobile payments play a tremendous role as 67 million people are subscribed to this payment method. Paymo by BOKU also allows consumers in 60+ countries to purchase virtual goods using their mobile phone number. Another similar payment option is Mopay. With Mopay, the user can simply pay with a single phone call, no registration required. The phone number gets charged onto the bill directly for convenience.
Debit/Credit cards are also popular within Turkey much like in the rest of the world. Maestro, a multi-national debit card owned by MasterCard, is the equivalent to a signature debit card but does not require electronic authorization. Maestro is available only to users within Austria, Spain, Turkey, and the United Kingdom. Although popular, users must have access to obtaining a credit card which limits the potential user base.
A Final Look
Turkey sports many of the worlds leading payment options available for purchase of virtual goods. Whether the user would like to pay using the mobile phone or through Pre-paid cards, many different options are available for use within Turkey. With solid growth being documented in the hard times of the recession era, Turkey will only see more culmination as time moves on. Keep your eyes and ears open to see how Turkey emerges within the world’s technology industry today.