Turkey cards market grew at a CAGR of 9.4% during 2010 to 2014, to reach 167.5 million cards in circulation by 2014. The increasing acceptance of ecommerce, shifting lifestyle demographics, and rising disposable income acted as the growth drivers for cards in circulation.
The number of POS terminals increased from 1,82,3530 in 2010 to 2,41,3884 in 2014. The number of POS terminals is expected to grow significantly during the period 2015 to 2020 due to expansion of retail sector.
The number of credit cards in circulation grew at a CAGR of 5.6% during the period 2010 to 2014. The number of credit cards in circulation is expected to reach 65.5 million in 2020, growing at a CAGR of 1.8%. The growth in credit card transactions was 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).
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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% of total credit card transactions in Turkey.
By scheme, the number of debit cards in circulation was dominated by Visa with market share of 58.3%, which 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% of the total credit cards in circulation.
In credit card segment, Yapı 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:
- Yapı Kredi
Turkey Card and Payments market databook includes market size and forecast for the period 2010 to 2020 in terms of number of cards, value and volume of transactions processed through these cards. The databook also includes competitive landscape (card issuers in the country) for both debit cards and credit cards.
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