Belbim

What Belbim does

Belbim A.Ş. is a wholly-owned subsidiary of the İstanbul Büyükşehir Belediyesi (Istanbul Metropolitan Municipality) and the exclusive operator of Istanbul's Electronic Fare Collection System (EFTS). The company issues and manages the İstanbulkart smart card, which is the primary stored-value payment instrument used across Istanbul's public transportation network, covering metro, bus, tram, ferry, and other transit modes serving the city's 16 million residents. In 2015, Belbim received activity permission from the BDDK (Banking Regulation and Supervision Agency), converting it into a licensed electronic money institution and enabling it to extend beyond pure transit fare collection into broader fintech and payment services.

Belbim's product set spans İstanbulkart (closed-loop transit card), İstanbulkart Plus (a Mastercard-branded open-loop payment card launched April 2026), İstanbulkart Mobil (a mobile wallet and digital account companion app), Biletmatik (citywide touchscreen ticket machines with subscription loading and credit card acceptance, refreshed in February 2024), and İstanbulPAY (a merchant-facing acceptance solution supporting NFC and SoftPOS on smartphones). Underlying infrastructure integrates Mastercard payment rails, BKM national card-center interoperability, and all Turkish bank ATM networks for cash deposit and withdrawal. Distribution combines physical Biletmatik terminals, two İstanbulkart Application Centers in Karaköy and Kadıköy, member business locations, individual and corporate representatives, the İstanbulkart Mobil app, and customer hotline channels (ALO 153 for individuals).

Revenue is not publicly disclosed and is generated from transaction fees on transit rides, electronic money institution fees, İstanbulkart Plus retail payment transactions routed through Mastercard, and merchant services through İstanbulPAY. The company's operating geography is Istanbul, with worldwide payment usage enabled through Mastercard branding on İstanbulkart Plus for cardholders traveling or shopping abroad.

Name

Belbim

Legal name

BELBİM A.Ş.

Website

https://belbim.istanbul

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Belbim is a municipal subsidiary of Istanbul Metropolitan Municipality that exclusively operates the city's electronic fare collection system and İstanbulkart transit card, and is extending into Mastercard-backed retail payments, mobile wallets, and merchant acquiring for Istanbul's 16 million residents.

Ownership category

akta.pro rank

Product category

Electronic Fare Collection and Transit Payment Systems

NAICS

Bus and Other Motor Vehicle Transit Systems (485113)

akta.pro primary industry

Account-Based Ticketing (ABT) Platforms (THAIAMAA)

akta.pro secondary industries

Fare Capping, Best-Fare & Account Reconciliation (THAIAMAH), Smart Card & Closed-Loop Fare Media Systems (THAIAMAC), Open-Loop EMV Contactless Fare Payments (THAIAMAD), Transit & Ticketing Wallets (FSAMAEAG), Unattended & Self-Service Payments (Kiosks, Vending, Parking, EV Charging) (FSAMADAE)

Keywords

• Electronic fare collection
• Transit payment systems
• Smart card payments
• Urban mobility solutions
• Merchant payment acceptance

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Transportation Transaction Fees: Revenue generated from electronic fare collection on Istanbul's public transportation system including buses, metro, tram, ferry, and other transit modes through İstanbulkart usage.
2. Electronic Money Services: Revenue from electronic money institution operations as a BDDK-licensed entity, including payment processing and financial technology services.
3. İstanbulPAY Merchant Services: Payment acceptance services for member business locations using İstanbulPAY, SoftPOS, and NFC payment technologies.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Belbim operates Istanbul's electronic fare collection system (EFTS), providing the İstanbulkart smart card platform for cashless transit payments across buses, metro, tram, ferry, and other public transportation modes. The company is a BDDK-licensed electronic money institution that also delivers merchant payment acceptance services through İstanbulPAY (NFC and SoftPOS), self-service Biletmatik ticket machines, and the İstanbulkart Mobil digital wallet application.

Product overview

Belbim operates as a unified platform combining electronic fee collection for Istanbul's public transportation with financial technology services. The core offering centers on the İstanbulkart system, which includes physical cards (İstanbulkart, İstanbulkart Plus), mobile applications (İstanbulkart Mobil), and self-service hardware (Biletmatik ticket machines). İstanbulkart Plus extends the traditional transit card into a full Mastercard-backed payment card for worldwide retail transactions. İstanbulPAY serves as a merchant-facing payment acceptance solution. The ecosystem is unified through Belbim's 2015 electronic money institution license from BDDK, enabling seamless digital financial services across transportation and retail payments.

Differentiator

Problem solved

Functional benefit

Brands

• İstanbulkart: The main electronic transportation card system for Istanbul, enabling payments across public transit and partner merchants.
• İstanbulkart Plus
• İstanbulkart Mobil
• Biletmatik
• İstanbulPAY

Products and services

• İstanbulkart The primary electronic payment card for Istanbul's public transportation, managed under the Electronic Fee Collection System (EFTS). Enables transit payments on buses, metro, ferries, tram, and other public transportation modes, with transfer benefits and free transit day privileges. Used by millions of Istanbul residents.
• İstanbulkart Plus An enhanced version of İstanbulkart with Mastercard infrastructure enabling worldwide online and physical payments beyond transportation. Supports all İstanbulkart transit benefits plus cash deposits/withdrawals at bank ATMs, digital platform payments, bill payments, and automated payment instructions. Available through İstanbulkart Mobil app, web, and physical application centers.
• İstanbulkart Mobil Mobile application serving as the digital companion for İstanbulkart, enabling users to manage their cards, load balance, view transactions, access digital features, apply for İstanbulkart Plus, and discover campaigns. Available on App Store, Google Play, and Huawei AppGallery.
• Biletmatik (Ticket Machines) Smart self-service ticket machines for İstanbulkart transactions. Current generation features touchscreens, voice guidance, multi-language support, real-time data monitoring, remote troubleshooting, and fraud prevention. Support İstanbulkart sales, limited-use tickets, TL loading, validation, subscription (abonman) loading, and credit card payments. Deployed throughout Istanbul.
• İstanbulPAY Payment acceptance solution for merchants and member businesses, supporting NFC contactless payments, physical terminal and SoftPOS usage, installment options, and transaction tracking with invoicing capabilities. Enables retailers across Istanbul to accept İstanbulkart and card payments from millions of users.

Quantifiable outcome

• Millions of users served across Istanbul
• +1 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• BDDK (Regulation Authority)coreOthers · 1 January 2015Belbim obtained activity permission from BDDK (Banking Regulation and Supervision Agency) in 2015, transforming into an electronic money institution authorized to operate financial technology services.
• MastercardcoreTechnology or Integrationİstanbulkart Plus uses Mastercard infrastructure enabling online and physical payments both in Turkey and worldwide, expanding the service from transportation-only to a global payment card.
• İstanbul Büyükşehir Belediyesi (Istanbul Metropolitan Municipality)coreOthersBelbim is exclusively authorized by Istanbul Metropolitan Municipality to manage the Electronic Fare Collection Systems (EÜTS), operating as a municipal subsidiary (iştirak şirketi).

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Masabi: Provider of mobile ticketing and account-based fare collection software to transit agencies. Overlaps with Belbim's account-based ticketing and mobile (İstanbulkart Mobil) functionality, but at a vendor level rather than as a regulated e-money institution.

Direct peers

• Octopus Cards: Hong Kong's closed-loop transit smart card, extended over time into retail, parking, and government payments. Closest functional peer to İstanbulkart/İstanbulkart Plus in combining transit-anchored issuance with broad payment acceptance, albeit in a different geography.
• Transport for London (Oyster / contactless): TfL runs London's Oyster closed-loop system alongside open-loop contactless acceptance. Belbim's positioning-closed-loop core with new open-loop/Plus extension-is structurally similar to London's hybrid model.
• MTA (MetroCard / OMNY): New York's MTA is mid-transition from MetroCard (closed-loop) to OMNY (open-loop). Direct comparative case for a large metropolitan transit authority operating both legacy and modern fare payment systems.
• JR East (Suica / Mobile Suica): Japan Railways East operates Suica, a closed-loop transit IC card with mobile wallet extension and broad retail acceptance. Comparable to Belbim in combining transit-centric issuance, mobile app, and expansion into general payments.
• EZ-Link: Singapore's national transit card, extended via SimplyGo to open-loop payments. Operates a similar closed-loop core with ongoing migration toward open-loop, a strategic tension Belbim also faces with İstanbulkart Plus.
• T-money: Seoul Metropolitan Government's transit smart card, operated by Korea Smart Card, with extensions into retail and online payments. Directly comparable closed-loop transit franchise extended into broader payments.

Broad incumbents

• Conduent: Public-sector-focused payment and processing services provider that has historically operated transit fare collection systems. Comparable on electronic fare collection scale and public-sector contracts, though as a multi-vertical vendor.
• Cubic Transportation Systems: Major vendor of fare collection systems to transit agencies worldwide. Comparable as a platform play in the transit payments stack, but operating as a B2B vendor rather than as a city-level franchise operator.

Regional players

• Rav-Kav: Israel's national transit smart card. Operates a similar closed-loop transit franchise in a smaller market; relevant as a regional functional analog rather than a direct geographic competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/belbimibb
• YouTubeyoutube.com/channel/UC_ywtcJjIf0LWxDj0EZUOEw
• Facebookfacebook.com/belbim
• Instagraminstagram.com/belbim

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belbim