65.5 mil­lion credit cards in Turkey by 2020

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Ac­cord­ing to the ‘Turkey Cards and Pay­ments Mar­ket 2020’ re­port by Acute Mar­kets Re­ports, the num­ber of credit cards in cir­cu­la­tion in Turkey is ex­pected to reach 65.5 mil­lion in 2020, grow­ing at a CAGR of 1.8%. Turkey’s cards mar­ket grew at 9.4% CAGR dur­ing 2010-14 to reach 167.5 mil­lion cards in cir­cu­la­tion. The in­creas­ing ac­cep­tance of e-com­merce, shift­ing life­style de­mo­graph­ics, and ris­ing dis­pos­able in­come acted as the growth driv­ers for cards in cir­cu­la­tion. Also, the num­ber of POS ter­mi­nals is pre­dicted to grow sig­nif­i­cantly dur­ing 2015-20 as the re­tail sec­tor ex­pands. In 2014, value of trans­ac­tions at POS ter­mi­nals ac­counted for 91% of to­tal credit card trans­ac­tions in Turkey. Visa was the lead­ing scheme in credit card seg­ment with 55% mar­ket share of the to­tal credit cards in cir­cu­la­tion. Yapi Kredi was the lead­ing card is­suer in Turkey in terms of the num­ber of cards in cir­cu­la­tion in 2014.

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