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Turkey Credit and Debit Card Market is Expected to Register a Transaction Value of around TRY 1.5 Trillion and around TRY 2 Trillion Respectively by 2023: Ken Research

Rising population in Turkey is expected to increase the number of citizens associated with the banking sector, thereby increasing the credit and debit card circulation in the economy.

A surge in ATM terminal network will increase the debit card usage as still a major portion of debit card holders use debit card for cash withdrawals. With a surge in the number of POS network across the country, the usage of direct shopping purchases is expected to surge in future.

Surge in E-commerce Transactions: E-commerce transactions have been on a surge since 2010 in the country. Majority of the payment methods for any E-commerce transactions are concentrated towards credit cards followed by debit cards and cash on delivery. The digital wallets have been showing a robust growth in terms of value and volume of transactions, with credit and debit cards again dominating the space for adding money to the Digi wallet. Since E-commerce transactions have shown continuous growth and are expected to have a faster growth in the years to come, the volume and value of debit card and credit card transaction will rise.

Sectoral Spending: The growth driving sectors for credit card are super markets and shopping malls, petrol stations, grocery stores and ready to wear clothes and accessories as they account for highest spending. Micropayments are the primary area where Turkish consumers still prefer cash. The average amount spent on these purchases may be small, but consumers might make several of these transactions every day. For debit cards, the ready to wear accessories and shopping malls and super markets have reported highest inflow of income, hence they possess huge potential in future to spur the transaction value in future. However for day to day transactions, cash is the preferred mode of payment and still has a long way to go. In the near future, micropayments may act as a hurdle to the Turkish government in becoming a cashless nation.

Transition from Cash Dependent to Cash less Economy: Consumers tend to prefer the convenience of cash for daily transactions, and digital payment providers will need to overcome that if they want to change the way consumers pay. While there’s been a proliferation of digital payment methods, the ultimate decision belongs to the customers, and it is expected that traditional medium of payment such as cash will become redundant. In the recent years, the value of debit card transactions has witnessed a switch from cash withdrawals to direct shopping purchases as the card holder feel easier to conduct card transaction via direct merchant swipes and reduce the dependence of cash. Also, the cardholders are more motivated to conduct debit card / credit card transactions in order to earn reward points through the reward point program which are redeemable later on future purchases.

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


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


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


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