Turkey Cards and Payments Market is driven by Growing E-Commerce Market, Increasing POS and ATM Terminals Coupled with Consumer Centric Reward Point Program: Ken Research

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Key growth drivers for cards and payment industry include digitalization, development of infrastructure (Integration with Artificial Intelligent Platforms, POS Terminals and ATM Terminals), Improved Member Merchants Discounts, Rewards and Loyalty Programs, Increasing Disposable Income and Reducing Interest Rates

The growth in the credit cards has been at an accelerating pace, specifically with improvement of the individual financing infrastructure such as at Point of Sale (POS) and Automated Teller machine (ATM) terminal networks thus, deployment of innovative card options coupled with instant lending options. As of 2018, the total number of POS machines with cash registers was evaluated at 2.4 million. ATM machines are very crucial for cash withdrawal and they have surged from 45.0 thousand in 2014 to 52.0 thousand in 2018. The debit cards are highly exposed to cash withdrawals and hence it is necessary for the country to have ample amount of ATM machines to maintain required amount of cash in circulation. The E-commerce spending using domestic and foreign cards for domestic transactions has increased during 2014-2018.

Turkey Cards and Payments Market

Online payments market of Turkey is also on a rise. An increase in E-commerce merchants, shifting demographics towards adaptability of new technology, the popularity of social media and an increasingly affluent middle class population with rising disposable incomes have collectively contributed to drive transaction volumes and values.

The credit card reward and loyalty program is the most significant growth driver for surge in credit card transaction value and transaction volume. The card issuers and operators have been partnering with member merchants in order to increase the customer acquiring rate. The member merchants provide the cardholders with discounts on the purchases or opportunity to earn reward points which can be redeemed later on shopping / air ticket purchases and many more. The banks in Turkey have taken the plastic money/ credit cards to a next level by converting them into virtual cards which can be easily accessed from the cardholder’s smartphone (Android/ iOS) thereby, further enhancing the ease of doing business. In 2017, it has been observed that approximately 65.0-70.0% of the online transactions via credit card are paid in instalments within Turkey.

Analysts at Ken Research in their latest publication Turkey Cards and Payments Market Outlook to 2023 – Rapid Acceptance of TROY Cards and Contactless Cards Coupled with Rising Penetration of Credit Cards to Drive Market Growth believe that Turkey Debit and Credit Card Market is expected to register a positive CAGR of 20.2%and 14.7% respectively in terms of value of transaction during the forecast period 2019-2023.

Key Segments Covered:-

Credit cards

Value of transaction

Volume of transaction

Number of Credit card in circulation

Domestic Transaction Using Domestic Credit Card

International Transaction Using Domestic Credit Card

Domestic Transaction using International Credit Card

Sectoral Spending

Debit Cards

Value of transaction

Volume of transaction

Number of Debit card in circulation

Domestic Transaction Using Domestic Debit Card

International Transaction Using Domestic Debit Card

Domestic Transaction using International Debit Card

Sectoral Spending

Key Target Audience:-

Credit/ Debit Card Operator

Credit/ Debit Card Issuers

Prepaid Card Issuers/ Operators

Local/ Foreign Bank

Reward/ Loyalty Program Business Operators

Payment gateway provider

Credit/ Debit Card Issuer

POS Device Manufacturers

Debit/ Credit Card Manufacturing companies

ATM Manufacturing Entities

Investors

Time Period Captured in the Report:-

Historical Period: 2014-2018

Forecast Period: 2019-2023

Companies Covered in Turkey Card Market:-

Issuers

Turkiye Cumhuriyeti Ziraat Bankasi AS

Turkiye Vakiflar Bankasi TAO

Turkiye Halk Bankasi AS

Denizbank

Yapi ve Kredi Bankasi AS

Turkiye Is Bankasi AS (Is bank)

Garanti Bankasi AS

Ak bank TAS

Finansbank AS

TEB AS

Seker Bankasi AS

HSBC Bank AS

Citigroup Inc

Operators

Visa Inc

MasterCard International Inc

American Express Co

Troy

Key Topics Covered in the Report:-

Stake Holders in Turkey Card Market

Genesis of Turkey Card Market

Credit and Debit Card Coverage

Market Size by Number of Cards in Circulation (2014-2018)

Market Size by Value of Transaction (2014-2018)

Market Size by Volume of Transactions (2014-2018)

Market Segmentation of Turkey Cards Market (2014-2018) on Cash Withdrawals and Shopping Purchases

Sectoral Spending by Debit and Credit Card (2018)

Volume of Transaction

Value of Transaction

Growth Drivers, Trends and Developments in Turkey Card Market

Issues and Challenges in Turkey Card Market

Competition Scenario in Turkey Card Market

Turkey Card Market Future Outlook and Projections, 2019-2023

Analyst Recommendations

For more information, refer to below link:-

Turkey Cards and Payments Market

Related Reports:-

Russia Payment Services Market Outlook To 2025- Breaking New Grounds Through Alternative Payment Systems Such As Contactless Payments Albeit Challenging Profitability Of Incumbent Firms)

Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth

Contact Us:

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

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