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Turkey Cards and Payments Industry Outlook to 2024 - Turkish Payment Market Aims to Become Cashless by 2023

Research and Markets
·3-min read

Dublin, Dec. 31, 2020 (GLOBE NEWSWIRE) -- The "Turkey Cards and Payments - Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering.

The 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 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 of the report:

  • 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.

  • 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%.

Key Topics Covered:

  • Payment Instruments

  • Card-based Payments

  • Merchant Acquiring

  • E-commerce Payments

  • Buy Now Pay Later

  • Mobile Proximity Payments

  • P2P Payments

  • Bill Payments

  • Alternative Payments

  • Job Analysis

  • Payment Innovations

  • Payment Infrastructure & Regulation

Companies Mentioned

  • Ziraat Bank

  • Vakif Bank

  • DenizBank

  • Halkbank

  • Visa

  • Mastercard

  • TROY

  • American Express

  • BKM Express

  • Papara

  • Paycell

  • Yapi Kredi Wallet

  • paysafecard

  • Bonuspay

  • Masterpass

For more information about this report visit https://www.researchandmarkets.com/r/p0xdby

About ResearchAndMarkets.com
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Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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