Turkey Cards and Payments Market Research Report And Market Forecast: Ken Research


How Turkey Cards and Payments Market is Positioned?

Turkey cards and payments market which was dominated by cash almost a decade ago and has witnessed advancement towards digital transactions both in terms of number of transactions and volume in the recent years. Turkey is making huge investments in digital technology in order to transform the financial industry most of which is In-house. The young population has been the major driver for increase in the payments via cards as they are embracing advanced technology and new products thereby, helping turkey to move away from traditional methods of payments. The young population coupled with the existing well developed banking infrastructure of the country in order to gain competitive advantage by delivering innovative services ahead of their competitors.

The total number of cards in circulation was witnessed to increase from ~ as of 31st December 2013 to ~ as of 31st December 2018, thus displaying a five year CAGR of ~%.

Troy – the payment methodology developed by Turkish Banks has been a major game changer in terms of digital methods of payment and has seen a tremendous growth in the acceptance rate over the past few Years due to the Interbank Card Center initiatives also it is fulfilling government’s agenda of making turkey cashless by 2023.

Banks have been highly enthusiastic for implementing new financial technology to reach and engage with their customers in order to promote the use of digital methods of payment throughout Turkey.

Turkey cards and payments market remains highly competitive and attractive driving it towards a cashless economy.

Turkey Cards And Payments Industry

Credit Cards Market Size

In the year 1968, Turkey launched its first credit card. Today, Credit card issuers offer multi-branded cards with instalment, use award, and loyalty-point features. Point-of-sale machines are found in most stores around the country, which has made cards as one of the most convenient methods of payment. The usage of cards has been steadily growing with the number of transactions increasing at a CAGR of ~% from 2014 to 2018.

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.

Turkey Credit Card Market Segmentation, 2014-2018

By Transaction Volume, 2014-2018:

The volume of credit card transaction has been on a rise since 2014. The variety of goods and services available in small ticket size has contributed the most to the surge in volume of transactions in recent years. The volume of transactions has increased from ~ million in 2014 to ~ million in 2018. The four year CAGR has been ~%.

The advancement in technology – such as RIFD / contactless credit cards, chip and pin cards have contributed in the increase in the Transaction Value.

By Transaction Value, 2014-2018:

The Transaction Value has shown an absolute growth of ~% since 2014. The highest year on year growth was witnessed in the year 2015 of ~%, as people were more motivated to make credit card transactions because of the card loyalty reward points program were on rise by the issuing bank. The four year CAGR of credit card Transaction Value is ~%.

By Average Transaction value, 2014-2018:

The average credit card Transaction Value was computed by dividing the total Transaction Volume from total value of transaction. It has been observed that there has been a surge of ~ TRY from 2014 to 2018 respectively. The growth in the average ticket size per transaction hasn’t been much; however, the spending per transaction took a constant growth rate. Last four year CAGR is ~%. This throws light on consolidation in terms of year-on year growth rate of average value of transaction.

By Number of Credit Card in Circulation, 2014-2018:

It has been observed that the number of credit cards in circulation have gone up from ~ million in 2014 to ~ million in 2018. The surge in the number of cards in circulation is approximately by 10 million which indicates the consumer spending behaviour more on credit. The credit cards issued has been on a rising trend at a four year CAGR of ~%. The year on year growth rate has been in the range of ~% to ~% in the last four years. In the last two years the growth rate has been constant at ~%, indicating the demand of credit card subscription has gone up and the Cardholders are willing to spend more on credit in order to avail the benefits of reward program and other perquisites. Credit cards in circulation has registered slowest growth rate of ~%, which again shot up to ~% each year in 2017 and in 2018 respectively.

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


Time Period Captured in the Report:-

Historical Period: 2014-2018

Forecast Period: 2019-2023

Companies Covered in Turkey Card Market:-


Turkiye Cumhuriyeti Ziraat Bankasi AS

Turkiye Vakiflar Bankasi TAO

Turkiye Halk Bankasi AS


Yapi ve Kredi Bankasi AS

Turkiye Is Bankasi AS (Is bank)

Garanti Bankasi AS

Ak bank TAS

Finansbank AS


Seker Bankasi AS


Citigroup Inc


Visa Inc

MasterCard International Inc

American Express Co


For more information, refer to below link:-

Turkey Cards and Payments Market

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Ankur Gupta, Head Marketing & Communications