Turkey Cards and Payments Market to Witness Slower Growth During 2015 – 2020: P&S Market Research

In terms of number of cards in circulation, the Turkey 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 growth of the payment cards market in the country.

The number of POS terminals in the country 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 period 2015 to 2020 due to the expansion of retail sector. The number of ATM terminals in the country increased from 36,334 in 2012 to 47,545 in 2014.

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The number of credit cards in circulation increased from 54.3 million cards in 2012 to 58.2 million in 2014, growing at a CAGR of 3.5%. The number of credit cards in circulation is forecast to increase from 59.9 million in 2015 to 65.5 million in 2020, with a CAGR of 1.8%. Credit card transactions were also 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.

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.

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Based on scheme, the number of debit cards in circulation was dominated by Visa, with market share of 58.3%. It was followed by MasterCard, with 39.7% market share in 2014. Visa was also a leading scheme in credit card segment with a market share of 55.4% of the total credit cards in circulation during the same year.

In credit card segment, Yap? Kredi was the leading card issuer in terms of the number of cards in circulation in 2014.

Key players in the debit and credit cards market include:

  • Ziraat
  • VakifBank
  • Yap? Kredi
  • Garanti
  • Finansbank

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