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, micro payments 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
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:-
Related
Reports:-
Contact
Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
