Turkey’s inter-bank card centre has introduced
a check out service for online transactions. The service is called
Express and requires consumers and merchants to register their card
details for it on the BKM website.
Once registered, users will not need to type
in their card numbers when they make online transactions.
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Consumers can register all their cards with
the Express wallet and will receive one-off passwords to their
mobile number every time they make a transaction.
Merchants on the other hand will have to fill
out a registry form which they then need to send out via post
first. The service is free of charge for consumers. For
merchants, the service eliminates the need to ask for and store
consumer data.
Express is supported by all 27 member banks of
the BKM, including the largest ones like Garanti, Isbank, Akbank as
well as smaller players like Finansbank.
Akbank, Finansbank, Garanti, ING, Isbank, TEB,
Vakifbank, Yapi Kredi and Ziraat Bank have gone live with the
e-commerce solution on 21 June and Soner Canko, the head of the
BKM, said that the other banks would follow on shortly.
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By GlobalDataThe Express service offers the two main
features that have made credit cards so popular in Turkey:
Consumers can still choose to pay in instalments and also collect
loyalty points just like they would if they were initiating a card
present transaction.
e-commerce has seen incredible growth in
Turkey: the market grew by over 50% in the twelve months to the end
of December 2011 and Canko said he is confident Express would spur
this growth on.
Although both credit cards and cash are still dominant payment
products, the BKM and its member banks have launched campaigns to
drive the usage of debit cards in favour of cash, while at the same
time also promoting alternative payment methods.
Read a full interview with Soner Canko here.
