Turkey's FAST instant payment system processed 4.6 billion transactions in 2024, according to the Central Bank of the Republic of Turkey's annual report. Total transaction value reached TRY 27.49 trillion. The daily average was 12.6 million transactions. Daily settlement value averaged TRY 75.11 billion. The system recorded a single-day peak of 25 million transactions on November 15, 2024.
The 2024 total exceeds ACI Worldwide's projection of 3.9 billion real-time transactions for Turkey by 2026. FAST processed 1.4 billion transactions in 2021, its first full year of operation. From that base, the system has grown at a compound annual rate of approximately 49%. Turkey ranks among the top five countries globally for real-time payment transaction volumes.
FAST's rise has marginalized Turkey's Electronic Fund Transfer system for retail payments. EFT processed 2.9 million transactions across all of 2024. FAST handled roughly 1,600 times as many. EFT retains its role for high-value institutional transfers, settling TRY 508.14 trillion across those transactions. The average EFT payment exceeds TRY 175 million, placing it in the wholesale segment.
The CBRT expanded FAST's capabilities throughout 2024. Per-transfer limits rose to TRY 100,000 in April. Merchant QR code payment limits were set at TRY 250,000. A Request-to-Pay overlay service launched in January 2024. An Escrow Service followed in May with a TRY 2 million transaction cap. FAST serves 42 direct participants. The KOLAS easy addressing system has 24.7 million registered users.