LONDON, Oct. 12, 2017 /PRNewswire/ --
Payments in Turkey 2017: What Consumers Want?
Summary
Turkey's cards and payments market remains highly competitive and attractive. A wide range of factors - including successful economic performance, a young population, and a well-developed payment infrastructure - make Turkey an appealing market for banks and card issuers. Turkey's card penetration stands at 2.3 cards per inhabitant, which is the highest mark among its regional peers. Average annual spend per card is also higher in Turkey than for most of its peers. Following various marketing initiatives to create consumer awareness of the benefits of electronic payments, the share of card-based transactions rose during the review-period (2013-17).
Download the full report: https://www.reportbuyer.com/product/5142360
To curb consumer indebtedness, in 2014 the Banking Regulation and Supervision Agency (BRSA) placed limits on credit card use in relation to card holder income, and restrictions on installment facilities for certain products. But regulations were relaxed in 2016 to spur consumer spending. According to the new guidelines, consumer loan maturity limits rose from 36 to 48 months, and credit card purchases can now be made in 12-month installments, up from nine months.
Consumer awareness of contactless cards is positive in Turkey, attributed to a growing number of retailers accepting contactless payments. Visa and Mastercard offer their respective contactless offerings in Turkey. In addition, host card emulation (HCE) technology is also gaining prominence. Leading banks such as Yapi Kredi and Türk Ekonomi Bankas? (TEB) offer mobile wallets with contactless technology, and Samsung Pay announced plans to enter Turkey by the end of 2017.
Conventional instruments, including payment cards, cash, cheque, and bank transfers, dominate the e-commerce market, accounting for 71% of transaction value in 2016. However, banks and mobile operators launching new applications and rising consumer confidence are gradually driving alternative payments in Turkey. For instance, e-commerce transactions through BKM Express rose from 3.0% in 2014 to 5.3% in 2016.
The report "Payments in Turkey 2017: What Consumers Want?", examines the consumer payments market in Turkey, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.
Specifically, this report allows the following -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Turkey are deploying these tools to meet customer needs.
- Explores the online payment market in Turkey by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
Companies mentioned in this report: Ziraat Bank, VakifBank, DenizBank, Yapi Kredi Bank, Türkiye ?? Bankas?, Garanti Bank, Akbank, Finansbank, Visa, Mastercard, American Express.
Scope
- Card penetration and turnover per card is higher in Turkey than for most of its peers indicating that consumer awarness about electronic payments is positive in Turkey.
- Conventional instruments dominate the e-commerce market in 2016. However, banks and mobile operators launching new applications, and rising consumer confidence are gradually driving alternative payments in Turkey.
- Turkey has a well-developed payment infrastructure, with one POS terminal for every 48 individuals, highest among its peers, thus supporting electronic payments growth.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Turkey.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Turkish market and use this knowledge to inform product design.
Download the full report: https://www.reportbuyer.com/product/5142360
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