P&S Market Research releases a new research on cards and payments market:
Turkey Databook: Cards & Payments Market Size and Forecast to 2020

The Turkey cards 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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The card payments market in Turkey grew at a healthy pace during the period 2010 - 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 benefits offered to debit card and credit card holders by the card issuers. In terms of cards in circulation, the market grew at a CAGR of 9.4% during 2010 to 2014, and reached 167.6 million cards in 2014. The total number of cards in circulation is expected to grow at a CAGR of 7.7% during 2015 to 2020.

In Turkey, debit cards dominate the cards market in terms of number of cards in circulation. In 2014, debit cards accounted for 65% of total cards in circulation. Debit cards also dominated the Turkey card payments market in terms of number of transactions and value of transactions. By scheme, Visa dominates the number of debit cards in circulation with market share of 58% of total debit cards, followed by MasterCard.

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Credit cards transaction value reported at POS terminals was greater than at ATMs. The credit card transaction value at POS terminals was TRY424 billion in 2014, representing 91% of the total credit cards transaction value, compared to TRY39 billion at ATMs. Widespread acceptance of credit cards by merchants, growing consumer demand, and increase in number of POS terminals contributed to the growth of the credit card segment in Turkey. By scheme, Visa dominates in credit card segment with a market share of 55% of the total credit cards in circulation in 2014.

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. The increase in number of internet users has contributed to the growth of e-commerce in Turkey, which has directly influenced growth of the cards and payments industry. Credit and debit cards are widely used in e-commerce because of attractive promotional offers, such as discounts and free shipping. As increasing numbers of retailers are moving their business operations online to increase market share and to expand their customer base, e-commerce growth is expected to continue in Turkey.

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The prepaid cards segment recorded a growth of 21.5%, in terms of number of cards, during the period 2010 to 2014 and it is anticipated to continue to grow at CAGR of 7.7% over the period 2015 to 2020.

Some of the key players in the debit cards market include Ziraat, VakifBank, Yapı Kredi, Garanti and Finansbank. Ziraat was the leading bank in terms of the number of debit cards in 2014, accounting for 22% of the total number of debit cards in circulation in Turkey.

Some of the key players in the credit card market in Turkey include Yapı Kredi, Garanti, Finansbank, Ziraat and VakifBank. Yapı Kredi was the leading bank in credit card segment in 2014, with a market share of 18% in total credit cards in circulation.

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