The European Union has made overtures to Turkey about joining the Single Euro Payments Area (SEPA), though Ankara has yet to respond.
An EU envoy suggested that participation in the payments system could deepen Turkey’s integration with the European economy and make it easier—and cheaper—for people to send money across borders. Several other non-EU countries, including Albania, Moldova, Montenegro, and North Macedonia, joined SEPA over the past year, bringing the total number of participating nations to 41.
According to Reuters, EU officials raised the proposal with Turkey’s foreign minister in Ankara last month.
“SEPA could present a valuable opportunity to strengthen Turkey’s economic integration as a candidate country and a key trade and economic partner of the EU,” chargé d’affaires Jurgis Vilcinskas told Reuters.
Potential Roadblocks
So why hasn’t Turkey jumped at the opportunity? The EU is already its largest trading partner, with more than €200 billion in trade volume. The EU estimates that countries that joined SEPA over the past year could collectively save up to €500 million.
One roadblock is regulatory alignment. To join SEPA, Turkey would need to comply with EU rules on payment services, including the Payment Services Directive, which would require stronger anti-money laundering measures and enhanced data protection standards. Vilcinskas noted that the European Commission is willing to support Ankara through this process.
There’s also some concern about how such changes might affect parts of Turkey’s domestic economy.
“Turkish banks would be losing some fee revenue from foreign transfers,” said Hugh Thomas, Lead Analyst of Commercial and Enterprise at Javelin Strategy & Research. “So they may be less inclined to jump into SEPA, if asked their opinions by the regulators.”
Slow and Steady
At the same time, Turkey has not rejected the proposal outright. Given that its EU accession talks have been ongoing since 2005, progress on SEPA may simply take time.
“The last words you’d ever use to describe efforts to better integrate Turkey with the EU would be ‘fast moving,’” said Thomas. “This is likely just more of the same.”
Ironically, Turkey’s payments economy is already among the most advanced globally. According to Visa’s 2026 Financial Services Research, contactless payments and QR codes dominate everyday transactions, with Android-based contactless payments reaching 70% usage in settings such as supermarkets and cafes.
