Fibabanka reinvents consumer finance by taking the bank where the customers are

In Turkey, Fibabanka created a stir with the launch of its BNPL Alışgidiş solution and the merchant ecosystem that accompanies it. Gökhan Ertürk, Fibabanka’s Assistant General Manager, Responsible for Ecosystem and Platform Banking, tells us more about it. 

BNPL products appear to be very successful. How is this market in Turkey?

The rapid change in technology has led to an inevitable surge in the use of digital technologies, and we all observe its effects in every field in our country as well as in the world. This technological change is also reflected in the diversification of new generation payment methods for the financing needs of consumers. We have currently entered a period in which the consumer financing method known as BNPL (Buy Now, Pay Later) is in demand. Turkey is among the leading countries in the world in BNPL together with credit card installment application. Currently, full credit card limits and the insufficient number of installment payment opportunities have led to the commissioning of new actors. Bank shopping loans and fintech solutions as alternatives to credit cards have expanded the market in this context. Nowadays, consumers want to have the flexibility to pay high amounts and long maturities with fast and easy digital processes, without being limited by credit card limits and installments. At Fibabanka, we have branded shopping credit under the 'Alışgidiş' brand as the largest implementer and player of BNPL in Turkey. By bringing the Alışgidiş limit to the sector, we have shown major retail brands that additional options are available other than credit cards for both store and e-commerce purchases.