Understanding Turkey's payment landscape is essential for any business operating in the country. The Turkish market has distinctive characteristics that differ significantly from Western European or North American payment norms. Credit card installment plans dominate consumer spending, the domestic IBAN system handles billions in daily business transfers, and a growing ecosystem of payment service providers bridges the gap between traditional banking and modern digital commerce.
This expert-written guide covers every major payment method available to businesses in Turkey, from the IBAN-based bank transfer system and credit card processing to digital payment platforms, cryptocurrency regulations, and cross-border payment solutions. Our analysts have compiled this information to help foreign business owners make informed decisions about payment infrastructure.
The Turkish Payment Landscape: An Overview
Turkey's payment ecosystem reflects the country's position as a rapidly digitizing emerging market. Card payments have exploded in recent decades, with over 190 million credit and debit cards in circulation serving a population of 85 million. This means the average Turkish adult holds multiple payment cards. At the same time, bank transfers remain the backbone of business-to-business transactions, and mobile payment adoption is accelerating.
Turkey has the highest credit card penetration rate in the Middle East and one of the highest in the world relative to its income level. The interbank card center BKM (Bankalararasi Kart Merkezi) reports that total card transaction volume exceeded 7 trillion TRY in 2025. A distinctive feature of the Turkish market is the widespread use of installment payments (taksit) on credit cards, where consumers can split purchases into 2 to 12 monthly installments at the point of sale. Businesses that do not offer installment options may lose significant sales volume.
Bank Transfers: EFT, FAST, and Havale
IBAN System
Turkey uses the standard International Bank Account Number (IBAN) format for all domestic and international transfers. Turkish IBANs are 26 characters long, beginning with the country code "TR" followed by two check digits, a five-digit bank code, a one-digit reserved character, and a 16-digit account number.
All businesses receive an IBAN upon opening a corporate bank account. This IBAN is used for all domestic transfers, receiving international payments, salary disbursements, tax payments, and government subsidy receipts.
EFT (Electronic Fund Transfer)
EFT is Turkey's standard inter-bank transfer system operated by the Central Bank of the Republic of Turkey (TCMB). EFT transactions are processed during banking hours (typically 8:30 AM to 5:30 PM on business days) and settle same-day. There is no transaction amount limit for EFT transfers. EFT fees for corporate accounts typically range from 5 to 25 TRY per transaction.
FAST (Instant Transfer System)
FAST (Fonlarin Anlik ve Surekli Transferi) is Turkey's instant payment system, launched in 2021. FAST enables real-time inter-bank transfers 24 hours a day, 7 days a week, including weekends and holidays. Corporate FAST transfer limits vary by bank but typically range from 5,000 to 50,000 TRY per transaction. FAST fees are generally lower than EFT fees, typically 2 to 15 TRY per transaction.
Havale (Intra-Bank Transfer)
Havale refers to transfers between accounts at the same bank. These are processed instantly with no fees in most cases. For companies with suppliers or clients at the same bank, havale transactions offer the fastest and cheapest payment method.
| Transfer Type | Speed | Availability | Cost (Typical) | Amount Limit |
|---|---|---|---|---|
| EFT | Same day | Business hours, weekdays | 5-25 TRY | No limit |
| FAST | Instant | 24/7/365 | 2-15 TRY | 5,000-50,000 TRY |
| Havale | Instant | 24/7/365 | Free | No limit |
| SWIFT (international) | 1-3 days | Business hours | 50-150 TRY | No limit |
Credit and Debit Card Payments
Card Market Overview
Turkey's card payment infrastructure is highly developed. Visa and Mastercard are the dominant international networks, while Troy is Turkey's domestic card network launched in 2016. Most Turkish-issued debit cards operate on the Troy network, while credit cards are predominantly Visa and Mastercard branded.
For businesses accepting card payments, the key consideration is the Turkish installment system. Turkish consumers routinely use installment payments for purchases above a few hundred lira. Retailers, e-commerce platforms, and service providers are expected to offer installment options, and businesses that do not may see significantly lower conversion rates.
Installment Payments (Taksit)
The installment system allows consumers to split a credit card purchase into equal monthly payments, typically ranging from 2 to 12 installments. The merchant receives the full payment amount from the bank (minus processing fees), while the consumer pays the bank in installments.
Key details for businesses:
- Installment options are set by the merchant's agreement with their acquiring bank
- Maximum installment terms are regulated by the Banking Regulation and Supervision Agency (BDDK)
- Certain categories (such as food and telecommunications) face restrictions on maximum installment terms
- The merchant typically absorbs a slightly higher processing fee for installment transactions compared to single-payment transactions
Accepting Card Payments
To accept credit and debit card payments, businesses need a merchant agreement with an acquiring bank or payment service provider. Options include physical POS terminals from acquiring banks (for in-store payments), virtual POS (VPOS) integration for e-commerce and online payments, and mobile POS solutions for businesses without fixed locations.
3D Secure authentication (Mastercard SecureCode / Visa Secure) is mandatory for all online card transactions in Turkey. This means every e-commerce payment must go through an additional authentication step where the cardholder verifies the transaction via SMS code or banking app. Businesses must ensure their payment integration supports 3D Secure, as non-3D transactions will be rejected by Turkish acquiring banks.
Payment Service Providers and Gateways
Turkey has a growing ecosystem of payment service providers (PSPs) that offer card processing, online payment pages, and various payment technology services. These providers are regulated and licensed by the BDDK.
iyzico (PayU)
iyzico, now part of the PayU group, is Turkey's most widely used payment gateway for e-commerce businesses. Key features include ready-made checkout pages and embeddable payment forms, API integration for custom implementations, support for all Turkish credit and debit cards including Troy, installment payment processing with configurable options, marketplace payment splitting for multi-vendor platforms, and fraud detection and prevention tools.
Transaction fees typically range from 2.49% to 3.99% plus a fixed fee per transaction, depending on volume and contract terms.
PayTR
PayTR is a leading alternative payment gateway offering competitive fee structures and a developer-friendly API. It supports standard card processing, installment payments, recurring billing, virtual POS aggregation (routing transactions to multiple banks for optimal approval rates), and link-based payment collection (for invoicing without a website).
Param (formerly Paratika)
Param offers payment gateway services along with additional business tools including invoice management, subscription billing, and payment link generation. It targets both e-commerce and traditional businesses transitioning to digital payments.
Other Notable Providers
| Provider | Specialty | Best For |
|---|---|---|
| Sipay | Mobile and contactless payments | Retail and restaurant businesses |
| Moka | Simplified checkout | Small e-commerce merchants |
| Craftgate | Multi-PSP orchestration | Large businesses managing multiple payment providers |
| Papara | Digital wallet and payments | Consumer-facing businesses, marketplace payments |
BKM Express and TR Karekod
BKM Express
BKM Express was a one-click payment system developed by the Interbank Card Center (BKM). It allowed consumers to register their cards once and make online purchases without re-entering card details. The service facilitated faster checkout and reduced cart abandonment for e-commerce merchants. Businesses should verify current availability as the digital payment landscape continues evolving.
TR Karekod (QR Code Payments)
TR Karekod is Turkey's standardized QR code payment system, developed by BKM. It enables consumers to make payments by scanning a QR code with their banking app. For businesses, TR Karekod offers lower transaction fees compared to card payments (typically 0.5% to 1.5%), no need for POS terminal hardware, instant settlement to the merchant's bank account, and compatibility with all participating Turkish banks.
TR Karekod adoption has been growing steadily among small and medium businesses in Turkey, particularly in the food service, retail, and personal services sectors. The lower fee structure compared to card payments makes it especially attractive for low-margin businesses. Our analysts recommend that businesses targeting price-sensitive Turkish consumers evaluate TR Karekod as a complement to traditional card acceptance.
Digital Wallets and Mobile Payments
Turkey's digital wallet ecosystem is evolving rapidly, driven by high smartphone penetration (over 85%) and a young, tech-savvy population.
BKM mobile payments: BKM has developed mobile payment standards that allow Turkish banking apps to function as digital wallets, enabling contactless payments via NFC-enabled smartphones.
Bank mobile apps: All major Turkish banks offer mobile banking apps that support peer-to-peer transfers, QR code payments, and in some cases, NFC contactless payments. For B2C businesses, encouraging customers to use bank app payments can reduce transaction costs.
Papara: Papara is Turkey's leading digital wallet with millions of active users. It functions as a prepaid card and digital wallet, allowing users to load funds and make payments. Businesses can accept Papara payments through integration with supported payment gateways.
Apple Pay and Google Pay: Both Apple Pay and Google Pay are available in Turkey and supported by major banks. Acceptance at point-of-sale requires a contactless-enabled POS terminal.
Cryptocurrency Regulations
Turkey has taken a restrictive approach to cryptocurrency in the payment context. Understanding the regulatory framework is essential for businesses considering any crypto-related activity.
The Central Bank of the Republic of Turkey issued Regulation No. 2021/10 in April 2021, which prohibits the use of crypto assets for payments. Specifically, crypto assets cannot be used directly or indirectly to pay for goods and services, payment service providers and electronic money institutions cannot develop business models involving crypto asset transfers, and payment and electronic money platforms cannot be used as intermediaries for crypto transactions.
However, the regulations do not prohibit holding or trading crypto assets. Individuals and businesses can buy, sell, and hold cryptocurrencies through licensed exchanges operating in Turkey. The Turkish government has been developing a comprehensive crypto asset regulatory framework, and legislation has been under consideration to establish a licensing regime for crypto exchanges and custodians.
For businesses, the practical implication is clear: do not accept cryptocurrency as payment for goods or services in Turkey. This prohibition applies regardless of whether the business is in a free zone, teknopark, or standard commercial area.
Cross-Border Payments
For businesses with international operations, Turkey offers several cross-border payment mechanisms.
SWIFT transfers: The standard method for international payments, handled through your Turkish bank account. See our guide on business bank accounts for SWIFT details.
International card processing: Turkish payment gateways support international Visa, Mastercard, and American Express cards. However, international card transaction fees are typically higher than domestic rates (3% to 5% plus applicable fees).
PayPal: PayPal's operations in Turkey have been limited. As of 2026, PayPal does not offer full merchant services in Turkey. Businesses needing PayPal-like functionality for international customers should explore alternatives such as Stripe (limited availability), Payoneer, or Wise Business.
Wise Business (formerly TransferWise): Wise offers competitive international transfer rates and multi-currency accounts that can complement a Turkish bank account for international operations.
Currency considerations: Cross-border payments are subject to Turkey's foreign exchange regulations, including mandatory conversion of a portion of export proceeds into Turkish Lira. See our detailed guide on Turkey foreign exchange regulations for compliance requirements.
Setting Up Payment Infrastructure: Recommendations
For different business types, our analysts recommend the following payment infrastructure approaches.
B2B services/manufacturing: Bank transfers (EFT/FAST) as the primary payment method, with SWIFT for international clients. A corporate bank account at a major bank is sufficient. See our bank account guide.
E-commerce (domestic): iyzico or PayTR for card processing with installment support, TR Karekod for QR code payments, and bank transfer as an alternative. Ensure 3D Secure compliance.
E-commerce (international): iyzico or PayTR for Turkish cards, plus an international payment provider (Stripe where available, or Payoneer) for foreign cards. Multi-currency pricing is recommended.
Retail/food service: Bank POS terminal for card payments, TR Karekod for QR code payments, and contactless payment support (Apple Pay, Google Pay). Installment options for higher-value purchases.
SaaS/subscription: iyzico or PayTR with recurring billing features. Card tokenization for automated renewals. Consider Wise Business for international subscriber payments.
When selecting a payment gateway, prioritize providers that offer installment payment support (critical for B2C in Turkey), 3D Secure compliance (mandatory), TR Karekod integration (growing adoption), good developer documentation and API support, and competitive fee structures for your transaction volume. Request demo accounts and test environments before committing to a provider.
Invoicing and Payment Terms in Turkey
Understanding Turkish invoicing conventions is important for businesses managing payment flows. Turkey mandates electronic invoicing (e-Fatura) for companies exceeding certain revenue thresholds, and the system has been progressively expanded to cover most businesses.
E-Invoice (e-Fatura): Companies exceeding 3 million TRY in annual revenue are required to use the e-Fatura system. Invoices are generated, transmitted, and stored electronically through the Revenue Administration's GIB portal or authorized integrator platforms. The e-Fatura system integrates with accounting software and ensures real-time reporting to the tax authority.
E-Archive Invoice (e-Arsiv Fatura): For transactions with parties not registered in the e-Fatura system (including most individual consumers), companies must issue e-Arsiv invoices. These are electronically generated and can be delivered to the recipient as a printed copy or digital file.
Payment terms: Standard B2B payment terms in Turkey typically range from 30 to 90 days, with some industries extending to 120 days. Post-dated checks (ileri tarihli cek) remain widely used in Turkish B2B commerce, particularly in manufacturing and wholesale trade. Companies should establish clear credit policies and payment term agreements with Turkish trading partners. Late payment interest rates are governed by the Turkish Commercial Code and are tied to the Central Bank's late payment interest rate.
Cash payments: Turkey restricts cash payments exceeding 7,000 TRY. Payments above this threshold must be made through the banking system (transfer, check, or card). This anti-money laundering measure applies to both B2B and B2C transactions and is strictly enforced with penalties for non-compliance.
For companies operating in Turkey's free zones or technology development zones, payment processing requirements remain the same, though certain VAT exemptions may apply to intra-zone transactions. See our guides on free zones and technology development zones for details.
Conclusion
Turkey's payment landscape combines a highly developed card payment culture with a rapidly growing digital payment ecosystem. The distinctive installment payment system, mandatory 3D Secure requirements, and strict cryptocurrency restrictions create a unique operating environment that requires specific payment infrastructure decisions.
For most businesses entering Turkey, the combination of a corporate bank account at a major bank (for transfers, tax payments, and salary processing) and a licensed payment gateway (for card and digital payments) provides comprehensive coverage. The key is selecting providers that support Turkey-specific features like installment payments and ensuring compliance with all regulatory requirements, including 3D Secure mandates and foreign exchange rules.
For related guidance, explore our articles on opening a business bank account, foreign exchange regulations, and corporate tax obligations.
Frequently Asked Questions
What is the most common payment method for businesses in Turkey?
Bank transfers via the Turkish IBAN system are the most common payment method for B2B transactions in Turkey. For B2C transactions, credit and debit cards dominate with over 190 million cards in circulation and card payment penetration exceeding 65% of consumer spending. Turkish consumers heavily use installment payments (taksit) on credit cards, which is a distinctive feature of the Turkish market. Businesses selling to consumers are expected to offer installment options, typically ranging from 2 to 12 months. The EFT (Electronic Fund Transfer) system handles same-day domestic transfers, while the FAST system enables instant transfers 24/7.
How do payment gateway services like iyzico work in Turkey?
iyzico (now part of PayU) is Turkey's leading payment gateway, processing credit and debit card payments for e-commerce businesses. It handles card tokenization, 3D Secure authentication (mandatory in Turkey), installment processing, and settlement to your Turkish bank account. Integration options include API, ready-made checkout pages, and plugins for platforms like WooCommerce and Shopify. Transaction fees typically range from 2.49% to 3.99% plus a fixed fee per transaction. Alternatives include PayTR, Param, and Sipay. All payment service providers must be licensed by Turkey's Banking Regulation and Supervision Agency (BDDK).
Can businesses in Turkey accept cryptocurrency payments?
Turkey has implemented strict regulations on cryptocurrency. A regulation issued by the Central Bank of Turkey in April 2021 prohibits the use of cryptocurrencies and crypto assets for payments and purchases of goods and services. Payment service providers and electronic money institutions cannot facilitate crypto transactions. However, cryptocurrency trading on licensed exchanges remains legal, and individuals and businesses can hold crypto assets. The Turkish government has been developing a regulatory framework for digital assets, and a comprehensive crypto regulation law has been under legislative consideration. Businesses should not accept cryptocurrency as payment for goods or services.