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
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:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249