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In 2018, Digital and Mobile Payment Systems in Turkey


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"Digital and Mobile Payment Systems in Turkey" presentation in "Understanding FinTech in Islamic Finance Workshop" on February 20-21 2018 at Marmara Taksim Hotel, Istanbul

Published in: Economy & Finance
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In 2018, Digital and Mobile Payment Systems in Turkey

  1. 1. Digital / Mobile Payments in Turkey
  2. 2. Agenda ● Regulations in Turkey ● E-Commerce Highlights ● Fintech Highlights ● Cashless Society (2023 vision) ● Payment Ecosystem ● Customer Segments ● Strategy Plan ● Payment Trends
  3. 3. Regulations # Law Law Topic 5411 Banking Law 5464 Bank Cards and Credit Cards Law 5491 Check Law 5549 Law on the Prevention of Laundering Proceeds of Crime (Money Laundering Issues) 5651 Internet Law 5809 Electronic Communications Law 6493 Law on Payment and Securities Reconciliation Systems, Payment Services and Electronic Money Institutions 6502 Consumer Protection Law 6563 Electronic Commerce Law 6698 Protection of Personal Data 6362 Capital Market Law (+Crowdfunding added)
  4. 4. 19 E-Commerce Highlights E-Commerce highlights like; market revenues, annual growth rate (CAGR), market segments, user penetrations, average revenue per user (ARPU) figures through tangible and intangible product and service to the customer via omni-channel (physical and digital channels)
  5. 5. TUBISAD E-Commerce Report ● Online Retail Volume: Which grew by an average 34% between 2013 and 2016, reached a volume of 17.5 billion TL ($5 billion) by 2016. ● Online Retail Penetration: Online’s share in total retail sales was 3.5% in 2016 (World average of 8.5%), Turkey still has a long way to go. ● Mobile: Smartphone penetration 65% in 2016 (World average 60%. Mobile E-Commerce in Turkey is still at 19% levels (World average 44%), there is serious potential in Turkey with smartphone penetration is above world. By 2022 this number is expected to be 49%. ● Traditional Retailers and SMEs: So far, Turkey's E-Commerce growth has been mostly triggered by pure-online players. Currently, traditional retailers, who make up for 97% of total retail volume and more than 99% of employment, make up for only 30% of online retail volume. For next leap traditional retailers need to accelerate their digitalization and e-retailing.
  6. 6. TR E-Commerce Hightlights ● Revenue in the “E-Commerce" market amounts to US$6,605m in 2018. ● Revenue is expected to show an annual growth rate (CAGR 2018-2022) of 12.0 % resulting in a market volume of US$10,408m in 2022. ● The market's largest segment is "Electronics & Media" with a market volume of US$2,428m in 2018. ● User penetration is at 41.0 % in 2018 and is expected to hit 48.3 % in 2022. ● The average revenue per user (ARPU) currently amounts to US$196.40.
  7. 7. TR E-Commerce Revenue Statistics
  8. 8. TR E-Commerce User Growth Statistics
  9. 9. TR E-Commerce ARPU The average revenue per user (ARPU) in the “E-Commerce" market amounts to US$196.40 in 2018.
  10. 10. E-Commerce Revenue Global Comparison With a market volume of US$599,995m in 2018, most revenue is generated in China.
  11. 11. 19 FinTech Highlights Turkey’s FinTech ecosystem, landscape and highlights with future figures
  12. 12. Turkey FinTech Highlights ● Transaction Value in "FinTech" market amounts to US$18,658m in 2018. ● Transaction Value is expected to show an annual growth rate (CAGR 2018-2022) of 15.5 % resulting in total amount of US$33,185m in 2022. ● The market's largest segment is “Digital Payments” with a total transaction value of US$16,824m in 2018. ● From a global comparison perspective it is shown that highest transaction value is reached in China (US$1,558,841m in 2018).
  13. 13. Turkey FinTech Transaction Statistics The "FinTech" market is expected to show a transaction value growth of 17.4 % in 2019.
  14. 14. Turkey FinTech Potential Users In the "FinTech" market the number of potential users is expected to amount to 65.3m by 2022.
  15. 15. FinTech Total TX Value Global Comparison With a total transaction value of US$1,558,841m in 2018, the highest value worldwide is reached in China.
  16. 16. 19 Cashless Society Turkey is moving to be Cashless Society in 2023
  17. 17. Turkey is Cash-light Economy Turkey is among the few cash-light economies with a cash circulation volume of 5.3% of GDP
  18. 18. BTK(Information&Communication Tech. Authority) Internet & Mobile We are moving to wholly mobile world, nowadays mobile banking TXs surpassed web banking TXs # Fixed-line Subscriber is slightly decreasing, mobile first even for house holders. 1 # Total Mobile Subscriber are increasing more than 3 million every year 2 # Broadband Subscriber is incerasing 15% every year 3 Even # Fix-line Subscriber is descreasing but also ARPU is increasing 4 # Mobile ARPU is incerasing more than 10% every year 5
  19. 19. TBB(The Banks Association of TR) Digital Banking In just 9 months, Digital Banking figures rose like rockets # Active Personal Customer jumped from 27,5 mil to 30,6 mil in 9 month 1 # Active Corporate Customer increased 3,2% from 1,48 mil to 1,53 mil in 9 month 2 # 0-17 Ages Customer increased about 60% in 9 month3 # 18-25 Ages Customer increased 16% (5,7 mil to 6,7 mil) in 9 month4 # 26-35 Ages Customer increased 8% (9,6 mil to 10,5 mil) in 9 month5 # 36-55 Ages Customer increased 11,5% (10 mil to 10,4 mil) in 9 month6 # 56-65 Ages Customer increased 12% (1,36 mil to 1,5 mil) in 9 month7 # 66+ Ages Customer increased 6.8% (407K to 434Kl) in 9 month8
  20. 20. TBB(The Banks Association of TR) Internet Banking Internet Banking figures were descreasing because of mobile UI/UX unique experience # Non-Financial TXs (product and service applications, payment intructions, others) increased 1 # Money Transactions nearly stable in last year because of new PF (Payment facilitators) with 6493 2 # Payment Transaction decreased because of new PF (Payment facilitators) with 6493 3 # Investment TXs (funds, FX, bond, stocks, gold, term deposits) increased also 4 # Credit Card TXs decreased because of new PF (Payment facilitators) with 6493 5 # Other Financial TXs decreased because of new PF (Payment facilitators) with 6493 6 # Product Sales increased from scratched to 227.000 in 9 months7 # Active Internet Banking Customer dropped 18,7 mil. (2016 3Q) to 12,8 mil. (2017 3Q)
  21. 21. TBB(The Banks Association of TR) Mobile Banking Mobile Banking figures rose like rockets because of mobile UI/UX and frictionless experiences # Non-Financial TXs (product and service applications, payment intructions, others) increased 58% 1 # Money Transactions increased by 81%, mobile UI/UX and easy2 # Payment Transaction increased by 74%, mobile UI/UX and easy 3 # Investment TXs (funds, FX, bond, stocks, gold, term deposits) increased like rockets 121% 4 # Credit Card TXs increased by 73%, mobile UI/UX and easy 5 # Other Financial TXs increased by 101%, mobile UI/UX and easy 6 # Product Sales increased from scratched to 774.000 in 9 months7 # Active Mobile Banking Customer rose like rockets 60% from 16,6 mil. (2016 3Q) to 26,5 mil. (2017 3Q)
  22. 22. BKM(Interbank Card Center) POS, ATM, Card We are moving towards to Cashless Society, hope to be in 2023 # POS machines are being consolidated because of new ÖKC (smart/connected) models 1 # ATMs are replacing branch offices (48K to 49K in one year)2 # Credit Cards were nearly reached to 76% penetration (58,7m to 61,2m) 3 # Debit Cards ownership are increasing every quarter (114,7m to 127,3m) 4 # BKM CEO: By end of 2017, #purchases with debit cards left behind number of cash withdrawals. Contactless transaction limit will be extended from 50 TL to 90 TL by March. ● Payment amount w/Cards increased 15% 677 bil. TL ● Credit Card ownership increased 6% to 62.4 million. ● Debit Card ownership increased 12% to 131.6 million.
  23. 23. BKM E-Commerce Domestic and International Cards transaction (TX) number and revenues are enormously increasing year by year After #TROY (Turkish Payment System), domestic cards usage is increasing 1 #Local E-Commerce TXs are increasing around 30%2 Domestic Cards volume (000.TL) on local and international E-Commerce are increasing 56% 3 Local E-Commerce volume (000.TL) with domestic and international cards increasing more 58% 4
  24. 24. Payment Ecosystem Within Turkey, BDDK (Banking Regulation and Supervision Agency) and TCMB (Central Bank) are regulating and operating sector under 6493 Electronic Money and Payment law, so they are giving the 3 levels licenses (Payment Service Provider / Payment Facilitator / Payment Aggregator, Electronic Money Institution and System Operator)
  25. 25. Turkey Fintech Ecosystem
  26. 26. Turkey Payment Ecosystem
  27. 27. Payment Ecosystem Players A Payment Service Provider (PSP) is a company that provides merchants with individual merchant accounts and helps them with underwriting and payment processing but does not fund merchants directly. This is done by the acquire 1 A Payment Facilitator (PF) acts similar to a PSP. Every merchant has its own Merchant Identification Number (MID) through which payments are processed, but it funds merchants directly. 2 A Payment Aggregator works with small businesses and uses a single MID to process payments for all of them. 3
  28. 28. Advance/ Loyalty Insurance/ Healty Lifestyle Communication Retail Transportation / Entrance Fuel-oil Entertainment/ Tourism Payment Game Stake Holders E-Money Money Transfer Payment/Collection (VPOS) FinTechs InsurTechs RegTechs TechFins Operators/ASPsSmartCity ASPs
  29. 29. 14 Customer Segments We need to start to extend customer base through traditional money transfer and payments area to omni-channel (Physical and Digital) vision services
  30. 30. Market Potential Pools 62.2 M 15.5 M 29 M 12 M 41.5 M Domestic Money TransferDijital Payment Customers International Money Transfer /year 130 M Credit Card Holder7 M 8.5M Expatriate Smartphone Owner 15-40 ages Internet & TV Owner 1.6 M Tradesmen / Craftsmen Debit Card Holder
  31. 31. Digital & Traditional Payment Segments Segment Population Less-touched Segments Source*: Euromonitor data and Deloitte custom report for banks and payment company Digital Game 30 million E-Commerce Category 23 million Association& Charity 1.75 million Household Expenses 22 million Rent Payments 5.5 million Direct Marketing 3.2 million Affiliate Networks 3.5K Advertisers 11K Publisher International Money Transfer 7 million School/Student Expenses 17.5 million
  32. 32. 19 Strategy Plan If you decided to have any 6493 license, you need to have major activities, deliverables, dependencies and responsibilities to fulfil your value proposition to stake-holders and share-holders.
  33. 33. Payment Institution Strategy Plan MONEY TRANSFER * Core System setup * Back-office integration * Corridor integration * Agent system * Bank integration * Digital channels * Field expansion * Launch and advertising activities * Omni‐channel marketing ACCOUNT MANAGEMENT * Bank Payment and Corporate account integration * Accounting and Reconciliation * Corporate, Customer and sub- accounts, account types and limit manage * Remittance, EFT, Card, Branch, Affiliate/Agency, Partner, ATM cash‐in, cash‐out apps * Distributor, Credit, Subscription collection PAYMENT & TOP-UP * Bill (GSM, Electricity, Water, Natural Gas,etc.) payments through Branch and Agencies * Top-ups (GSM, Game, Membership, Subscription, etc.) * Co-exist campaigns * Express / Scratch Card (Money, Game and E-Commerce card) CARD & E-MONEY * Brand Card/Wallet * City Card/Wallet * University Card/Wallet * Food Card/Wallet * Hotel Card/Wallet * Game Card/Wallet * Loyalty/Discount Card/ Wallet * Mile Conversion Card/ Wallet * E‐Commerce Card/Wallet VIRTUAL POS * Marketplace * E‐Commerce services * Create synergy with resellers and dealers * FinTech & TechFin Apps * E‐Bill/E‐Signature/E‐book conversions * Tradesmen / SME applications * Money Transfer * Top‐up services Extra VAS: ✓ Loyalty Program ✓ Cross-brand campaigns PHASE 1 PHASE 2 PHASE 3 PHASE 5PHASE 4
  34. 34. Payment Game Marketing Plan PHASE 1 PHASE 2 PHASE 3 PHASE 5PHASE 4 LAUNCH & DIGITAL MARKETING * Bus. Partner&Inter‐launch * Special campaigns and promotions for ethnics * Web, mobile & SM channels promotion * SEO/SEM * Display * Remarketing * E‐Mail marketing * Affiliate & Lead Generation * Social Media Marketing ATL / BTL * Outdoor and digital board * Local & Ethnic Radio ads * Insert, brochure and flyer * Satellite TV and Music channels * Local and Ethnic Newspaper and Magazines AFFILIATE SITES PARTNERSHIP * Affiliate ads network * Chat services * Community and da/ng services * News and Magazine sites * Sport Clubs, Forum and Community/Social * Video Service and Portals * Game Services BRAND PARTNERSHIP * Operators * Retail institutions * Tourism and Visa institutions * Airlines Miles * Money Transfer * Banks * Flower and Food sites * Credit Card Program partnership MOBILE MARKETING * Cross campaigns with GSM and Transportation Operators * Operator Authorized and Opt-in database campaign * Discount to the brand with Mobile Marketing agencies / free membership to use coupons * Coupon service traffic partnership • Local ethnic community (church, residential sites, etc.), special offers and local promotions. Georgian, Azeri days) • A detailed study and planning needs to be done on the marketing forecasts. • Brand alliances for Mobile Marketing and Sponsorship important. Brand loyalty card members can be made to free campaign Notes:
  35. 35. Time Line New Payment Institutioon needs to write it’s own story in Turkey, now they may integrate traditional sectors in to digital world of the future. Day 0 Soft Launch Public Launch Versioning Market Expansion New investment Abroad Expansion
  36. 36. 2018 Payment Trends
  37. 37. Trend 01: Banks retain payments’ role Trend Overview ● Regulatory and industry initiatives push for open data in Europe and US - combined with advanced payments technologies - are leading to more collaboration between stakeholders ● Banks are opening their infrastructures and services with open APIs and instant payments ● Leading banks started to adapt their platform to facilitate interactions between producers and consumers of banking and payment services ● Banks platforms based on client accounts, FinTechs (PSP/PF/PA) produce services on platform while merchants,corporates&end-users are consumer Implications ● Collaborative-platform model helps banks to generate new revenue streams with customer data and API&VAS ● Model will enable customer centricity by giving more control to customers to choose providers&products ● FinTechs can achieve scale -w/ minimal customer- acquisition costs- by ecosystem broad customers ● Stakeholders must open systems to competition to maintain interoperability & stay relevant Network effects between producers & clients, are central to success of a bank’s platform model
  38. 38. Trend 02: Intermediaries consolidation Trend Overview ● Payments infrastructure is expected to converge through M&A to expand reach of payments firms, increase value proposition, expectations and solutions ● Payment schemes and intermediaries are looking for infrastructure rationalization to be able to provide services in niche and high demand areas of data analytics, cloud and Digital Customer Experience (DCX) Implications ● Regulators are working on rationalization of different payment systems ● Global initiatives such as Global Payments Innovation (GPI), Blokchain solutions; Ripple, KlickEx, Stellar and Bankchains brands (Paxos and Euroclear) are expected to lower costs for cross- border transactions, fx netting where uniform payments clearing and settlement system. ● This will bring more agility and reduce go-to-market period to bring latest offerings to customers Payments infrastructure become faster & more inclusive to new players that will launch valuable offerings for retail and businesses
  39. 39. Trend 03: Banks & TPP benefit from each other Trend Overview ● Regulatory promotes open banking and data sharing have led to a scenario where TPPs can potentially bypass intermediaries (acquirer and card schemes) ● Digital payments & E-Commerce are attracting more entrants into payment space, which is increasing competition and forcing payment services vendors to consolidate to capitalize on economies of scale ● Ex: Fiserv recently acquired Monitise and PCLender to provide broader range of customer offerings, banking players Misys and FIS are considering benefits of integrating operations Implications ● Payments vendors w/ advanced digital capabilities could become acquisition targets as incumbents look to scale up ● Payments processing is becoming commoditized, players are looking to expand offerings in various VAS ● Most consolidation case; acquiring new technology, talent or access to customers, but key concern has been to minimize costs and to optimize resources ● w/ image & voice technology expected to drive payments innovation, most payment players will ensure systems remain nimble to adapt to new offerings based on such technologies Bank benefits from TPP partnerships, TPP gain access to seasoned banking expertise and large client bases, which are likely to fuel convergence across all players
  40. 40. Trend 04:Open APIs enable stakeholder collaboration Trend Overview ● APIs combine functions and procedures to enable 2- way data sharing between banks and 3rd parties in secure, scalable, and accelerated manner ● APIs are pivotal to collecting information from different banks, which helps in development of new and improved customized services ● Main benefits from PSD2; API-based solutions of TPPs, which will deliver value to customers and simplify merchant services ○ Banks will be obligated to share customer data ○ Data can be accessed by TPPs ○ Opened doors to stakeholders such AISP & PISP Implications ● Open APIs are expected to provide opportunities for new payment service providers ● However, concern regarding lack of harmonization due to absence centralized API infrastructures developed in silos by banking communities such as Berlin Group- challenge yet to be addressed: ○ Collaborative ecosystem’s lack of accountability could threaten sensitive customer data, especially with opening up of banking infrastructure PSD2 fosters partnership opportunities between banks and other industry players w/ open APIs acting as collaboration-enabling catalysts
  41. 41. Trend 05: Alternate payment channels Trend Overview ● w/ widespread use of smartphones, mobile banking and payment apps have gone mainstream, and wearables provide convenient access to apps ● By 2021,15 bil.M2M &consumer electronic devices ● w/ increased focus on IoT-enabled payments (IoP), leading banks such as Bank of America are looking to incorporate IoP into their digital offerings ● Alternative payments benefit saving time, frictionless payments and efficiency with day-to-day tasks. ● In UK,#contactless TX grew 174% in 2016 (2.86 bil.) ● Mobile & Wearable contact-less payments will be $95 billion Annually by 2018 ● 240+ mil.units of wearables to be shipped in 2021 ● Fitness trackers payments constitute 30% of market by 2020, partner with MasterCard & Visa contactless Implications ● w/ expanding acceptance of digital & mobile payments, mobile wallets offer contactless solutions, easy P2P TX and real-time payments grow steadily ● Adoption of contacless cards and mobile payments increases, they could challenge traditional magnetic stripe technology and EMV cards Alternate payment channels fulfill customer demands for convenience & speed & become mainstream
  42. 42. Trend 06: DLT transforms cross-border payments Trend Overview ● Banks & FinTechs are looking at DLT (Distributed Ledger Technology) as backbone of new cross- border payments infrastructure to solve inefficiencies (for faster and affordable services) ○ FinTechs Ripple, BTL and Wyre have build cross- border payments and settlement infrastructure leveraging DLT, and many incumbents partnering w/ these or SWIFT ● To adopt DLT, scalability & lack of standardization must be addressed Implications ● DLT cross-border solutions will benefit banks by reducing their credit risks, managing their costs, improving compliance w/ regulatory requirements, and enhancing customer’s payments experience ● It offers more secure, cheaper & faster services to retail and corporate customers by eliminating intermediaries and making use of robust algorithms ● Prof. services develop DLT based cross-border clearing & settlement platform ● Government and regulatories must come together to establish standards for increased adoption & efficient functioning of DLT for cross-border payment Sector is exploring blockchain techs for cross-border payments for faster, inexpensive & efficient services
  43. 43. Trend 07: Instant payment processing Trend Overview ● Banks are leveraging instant payments to connect TPP to deliver better digital customer experience & provide innovative products & services to retail and corporate customers ● Corporates are demanding more agile solutions for payment clearing and settlement that will allow to track and manage intra and inter day liquidity ● Instant payment for corporate could be envisioned in use cases of Just-in-Time Supplier payments and short-term loan servicing payments ● PSD2 mandate within PSD2, merchants can be become PISPs and they can offer instant payments to retail and corporate customers Implications ● Opportunity for banks to develop VAS on top of instant payments infrastructure such as e-Invoicing ● Instant payments implementation will also bring banks and FinTechs together to form collaboration ● For corporate adoption, it would require further development of ecosystems; AML, Anti-Fraud, and lack of harmonization related challenges w/ wider adoption, instant payments have the potential to emerge as alternative to checks & cash for retail and corporate customers
  44. 44. Trend 08: Cyberattacks rise, focus on data-privacy Trend Overview ● In H1 2017, 918 reported cybersecurity breaches exposed over 1.9 bil. records.Recent attacks, Equifax,WannaCry& Japan CryptoCurrency Exch. Market disaster ($500 mil.) ● Cyberattacks can cause personal and commercial data to be lost or compromised causing financial institutions financial& reputational loss: Cyberattacks cost global economy 1% of annual GDP ● Regulators are bringing new cybersecurity regulations and standards which could impose heavy fines, injunctions, audits, even criminal liability on firms for a data breach Implications ● Cyber insurance industry grew 35% in 2016, to $1.35 bil. Corporates look to protect from liabilities ● Regulators are bringing in new regulations & standards for ensuring cybersecurity and data privacy, with high penalties for non-compliance ● Payments firms are expected to continue to invest in latest technology measures to ensure their systems are not prone to fraud and data breaches. ● Compliance costs for payment service providers could rise sharply, bringing in new players who could provide innovative and cost-effective solutions Cyber-attacks & data breaches are rising (frequency & intensity), regulators are focusing on compliance w/ laws
  45. 45. Trend 09: Machine learning helps PSP in fraud Trend Overview ● With increasing digitalization, banks have become vulnerable to payments fraud and cyberattacks: ○ Cards fraud alone resulted in loses of over $24 mil. In 2016 while cyberattacks could cost businesses over $2 trillion by 2019 ● Banks w/ RPA and ML can continuously check their processing systems for possible threats, examine previous attacks, monitor activities, apps, payments ● ML can used in anti-money laundering (AML) Implications ● Industry players could focus on RPA to improve security and reliability while driving down costs ● PSPs are expected to use behavior analytics, ML and threat matrix to continuously monitor ecosystem network ● Investment in ML solutions for fraud detection will rise with 68% of Financial Institutions (FIs) citing ML analytics as a high priority investment Robotic Process Automation (RPA) & Machine Learning (ML) are next-generation tools for payment service providers in combating fraud and improving cybersecurity
  46. 46. Trend 10: Advanced authentication technologies Trend Overview ● Open APIs and increased collaboration could be an increase in cybersecurity vulnerabilities ● Hackers exploit advanced technologies such as brainwave signals to gain access to confidential data of customers. Common one-time pass codes or more complex passwords are not enough ● Multi-factor authentication involving requiring multiple layers of defense it way to go to mitigate cyber threats from hackers: ○ Multi-factor services market will grow CAGR 23% from 2017-2021, was $2.4 billon in 2016 ● Behavioural analytics combine w/ biometrics witness by banks to monitor fraud w/o impacting UX Implications ● Stakeholders will collaborate to form interoperable set of standards such as Fast Identity Online (FIDO) for simpler and stronger authentication using biometrics and cryptographic techniques ● TPPs develop plug&play multi-layered authentication tech. which integrated easily w/ banks’ solutions ● Advanced authentication tech. could be witnessed by banks in coming years Biometrics, digital identity, secure element, geo- location, and interoperable cryptographic keys are leading mechanism being employed by stakeholders to provide robust authentication
  47. 47. ● Startup.Watch ● ● (Information and Communication Technology Authority) ● (Interbank Card Center) ● (The Banks Association of Turkey) ● (Turkish Industry and Business Association) ● (Payment and Electronic Money Association) ● ● ● ● Content Sources
  48. 48. Onur B. Çağlar Web: Mail: Contact Information obcag00 obcaglar