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(MoneyNewsWire.Net, February 17, 2016 ) The card payments market in Turkey grew at a healthy pace during the period 2012 - 2014, both in terms of volume and value. Some of the factors fueling the growth of the market are payment infrastructure modernization, growing number of cards in circulation, and the benefits offered to debit card and credit card holders by the card issuers. In terms of number of transactions, the overall Turkish card market is expected to grow at a CAGR of 7.7% during 2015-2020.
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In Turkey, the debit cards dominate the total card payments market in terms of number of cards in circulation. In 2014, debit cards accounted for 65.2% of total cards in circulation. Debit card also dominated the Turkish card payments market in terms of number of transactions and value of transactions. By scheme, Visa dominates the number of debit cards in circulation, followed by MasterCard in 2014.
The credit cards transaction value reported at POS terminals was greater than at ATMs. The credit cards transaction value at POS terminals represented 91.5% of the total credit cards transaction value in 2014. Widespread acceptance of credit cards by merchants, the growing consumer demand, and increase in the number of POS terminals contributed to the growth of the credit card segment in Turkey.
Consumer preference for cashless payments enables growth of card payments. Banks and card issuers have implemented different pricing and marketing strategies to encourage consumers to increase card payments rather than paying in cash. Common strategies used by banks and card issuers are product discounts and reward points. As the internet users have increased, it has contributed to the growth of e-commerce in Turkey, which has directly influenced the growth of cards and payments industry in the country. The credit and debit cards dominate e-commerce because of attractive promotional offers such as discounts and free shipping. As increased number of retailers moving their business operations online to increase market share and to expand their customer base, the e-commerce growth is expected to continue in Turkey.
Some of the key players in the Turkish debit card market include Ziraat, VakifBank, Yapı Kredi, Garanti and Finansbank. The key players in the credit card market include Yapı Kredi, Garanti, Finansbank, Ziraat and VakifBank. Yapı Kredi was the leading bank in credit card segment in 2014, in credit cards in circulation.
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