Turkey Cards and Payments - Opportunities and Risks to 2024

Turkey Cards and Payments - Opportunities and Risks to 2024

  • December 2020 •
  • 80 pages •
  • Report ID: 5843020 •
  • Format: PDF
Turkey Cards and Payments - Opportunities and Risks to 2024

Summary
’Turkey Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Turkish cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, and cheques during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into the Turkish cards and payments industry, including -
- Current and forecast values for each market in the Turkish cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cards, credit transfers, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Turkish cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope
- The Turkish payment market aims to become cashless by 2023. To this end, Turkish financial authorities are introducing various initiatives to drive electronic payments, including a standardized national QR code called Turkish QR Code in August 2020. Meanwhile, domestic card scheme TROY was introduced in April 2016. Such initiatives have resulted in impressive growth in the payment space during the review period.
- The awareness and usage of contactless payment cards in Turkey is high, with the number of contactless payment cards rising from 30.6 million in 2016 to 89.6 million in 2020 at a strong review-period CAGR of 30.8%. This figure is anticipated to rise further to 176.3 million by 2024. The wide acceptance network for contactless payments is driving this market. According to BKM (the Turkish Interbank Card Center) data, the number of contactless POS terminals reached 1.51 million as of August 2019, accounting for 62% of the total number of POS terminals in the country.
- COVID-19 has resulted in a widespread loss of income and employment and a decline in consumer spending, in turn affecting the credit card market. In response, in April 2020 the Central Bank of the Republic of Turkey reduced the maximum interest rate on credit card borrowing to 1.25% per month, down from 1.60% in Q4 2019. The reduced rate will remain in effect pending further assessments by the central bank. Similarly, in March 2020 the central bank reduced the minimum payment amount for credit cards from 30% to 20%.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Turkish cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Turkish cards and payments industry.
- Assess the competitive dynamics in the Turkish cards and payments industry.
- Gain insights into marketing strategies used for various card types in Turkey.
- Gain insights into key regulations governing the Turkish cards and payments industry.
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