Turkey Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020
LONDON, Feb. 25, 2016 /PRNewswire/ -- In terms of number of cards in circulation, the Turkish payment cards market grew at a CAGR of 7.2% during the period 2012-2014 and is expected to grow at a CAGR of 3.4% over the period 2015-2020. Growth in e-commerce, increase in internet and mobile penetration and higher disposable income per capita supported the growth of number of cards in circulation in the country.
The number of POS terminals increased from 2.1 million in 2012 to 2.4 million in 2014. The number of POS terminals is expected to grow significantly during the forecast period due to the expansion of retail sector. The number of ATM terminals increased from 36,334 in 2012 to 47,545 in 2014.
In Turkey, the debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 65.2% of the total number of cards in circulation in Turkey. By scheme, the number of debit cards in circulation was dominated by Visa. Average debit card transaction value increased from TRY 237.9 in 2012 to TRY 244.9 in 2014, at a CAGR of 1.4%.
The credit card transactions were encouraged by growth in payment infrastructure such as POS and ATM terminals, advanced card features such as EMV technology, and promotional strategies such as cashback offers and reward programs. In Turkey, the credit cards are primarily used by customers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. In 2014, value of transactions at POS terminals accounted for 91.5% of total credit card transactions in Turkey.
There is intense competition among credit card issuers to encourage card usage and spend in the country. The credit card issuing banks have implemented various marketing strategic and offered numerous campaigns to attract consumers. In credit card segment, Yap? Kredi was the leading card issuer in terms of the number of cards in circulation in 2014.
In September 2015, InterBank Card Center (BKM) announced the launch of a new electronic card payment clearing system "TROY" and is expected to be operational in 2016. As part of the TROY system, customers' card payments will be processed by the merchant and then completed through a clearing network supported by the BKM. Visa and MasterCard were previously the companies of choice for this operation. Customers will be charged a fee for using the TROY payment system, but as per BKM it will be lower than the fees charged by international card networks, such as MasterCard and Visa.
Some of the key players in the Turkish payment cards market:
Ziraat
VakifBank
Yap? Kredi
Garanti
Finansbank
Download the full report: https://www.reportbuyer.com/product/3605427/
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
SOURCE ReportBuyer
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article