Fintech Turkey: Turkish digital wallet outfit BKM starts checkout-free payments

A checkout free shopping experience is not anymore a concept but now a reality among shoppers in Turkey.

Turkish digital wallet outfit BKM recently introduced a system that lets shoppers bypass the checkout and instead pay for their items with their phones.

The system offers comfort to consumers since it requires them to use a POS device to scan the barcodes on items they are buying. A QR code then appears on the POS screen, which the shopper scans with the BKM Express app on their phone before getting a notification of the transaction.

Serkan Yazicioglu, EVP, digital solutions, BKM, humbly revealed that their system was installed at a music and bookstore in Istanbul.

Yazicioglu said the projects which will merge in-store payments with mobile payment technology will continue.

He said his company is happy to introduce this kind of technology among Turkish shoppers for the first time.

Sources said a UK grocer the Co-op teamed up with Mastercard to trial a checkout-less system which is similar to the BKM offering but is carried out entirely on the mobile phone and does not require shoppers to use a separate POS device.

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Peter Schmidt is a journalist focused on latest technologies in banking. Peter Schmidt is a senior writer and video host at TheOofy. He also hosts a podcast about tech finance. Previously, Schmidt was a finance reporter for Mashable and has been a contributor at APA, Fortune and Forbes. Schmidt has a Master's in Journalism from Heidelberg University.