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Recently Released Market Study: Turkey's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Recently published research from Timetric, "Turkey's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 12/11/2013 -- The card payments channel in Turkey demonstrated robust growth during the review period (2008-2012). In terms of volume, the channel grew at a compound annual growth rate (CAGR) of 11.19%, to reach 177.4 million cards in 2012. The increasing acceptance of cards in retail outlets, growing consumer preference for cashless transactions and improved banking infrastructure contributed to review-period growth. In terms of volume, the channel is expected to grow at a CAGR of 5.83% over the forecast period (2013-2017) to reach 243.9 million in 2017. While cash continues to be an important part of the overall payments system, it is increasingly being displaced by the card payments channel. To capitalize on consumer preferences, banks and card issuers have adopted various marketing and pricing strategies to encourage customers to increase card payments. Common strategies include offers, product discounts, reward points and insurance cover. A complete cashless payment system is planned for implementation by 2023.

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Key Highlights

- The Turkish card payments channel recorded impressive growth during the review period. The number of cards in circulation grew at a CAGR of 11.19% from 116.1 million in 2008 to 177.4 million in 2012. Increasing consumer awareness, improved banking infrastructure and effective government initiatives contributed to the channel growth. By volume, the channel is anticipated to grow at a CAGR of 5.83% over the forecast period, from 194.4 million cards in 2013 to 243.9 million in 2017.
- Debit cards dominate the total card payments channel in terms of volume. Debit cards are most commonly used by consumers to shop at retail outlets, withdraw cash from ATMs and for online payments. By volume, debit cards accounted for 51.4% of the total cards and payments in 2012. Growing consumer demand, widespread acceptance of credit cards by merchants, and the increase in the number of POS terminals contributed to the expansion of the total credit card category in Turkey. Prepaid cards are widely used in the form of food, travel and gift cards.
- The Interbank Card Center of Turkey (BKM) aims to make Turkey a 100% cash-free country by 2023, the 100th anniversary of Turkey's republic. As a part of this, an anti-cash campaign called 'Bye Bye Cash' was initiated in May 2011 to promote cards as a more effective transaction method. This campaign aims mainly to make people use debit cards on small purchases where cash is usually preferred. BKM also wants people to use debit cards for almost all transactions, increase the total frequency of card use, make new users aware of the features of cards, and encourage merchants to direct clients to cards. BKM also used social media such as Facebook and Twitter to create nationwide consumer awareness.

Companies Mentioned in this Report: Ziraat Bank, Yapi Kredi, Garanti, Akbank, Burgan Bank, MasterCard, Visa

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