65.5 million credit cards in Turkey by 2020
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.