Card Payments in Turkiye Increased to ₺1.3 Trillion in May

Record Card Payments Growth Driven by Credit Cards, Bank Cards, and Prepaid Cards

In May, the total value of payments made with credit cards, bank cards, and prepaid cards in Turkiye surged to approximately ₺1.3 trillion, marking a 103% increase from the same period last year. According to data released by the Interbank Card Center, the number of transactions also saw a significant rise, with a 22% year-over-year increase to 1.58 billion.

Expanding Card Usage

As of May, Turkiye had 123.1 million credit cards, 191.6 million bank cards, and 94.8 million prepaid cards in circulation. Compared to May 2023, credit card numbers grew by 15%, bank cards by 8%, and prepaid cards by 21%, resulting in a total card count of 409.5 million, up 13% from the previous year.

The total payment value made with these cards reached ₺1.273 trillion, with credit cards accounting for ₺1.072 trillion, bank cards ₺176.7 billion lira, and prepaid cards ₺23.4 billion. Credit card payments grew by 111%, bank card payments by 64%, and prepaid card payments by 129%.

Rising Transaction Volumes

In May, the number of transactions made with cards rose by 22% to 1.58 billion. Credit cards were used for 897.7 million transactions, bank cards for 569.2 million, and prepaid cards for 118 million. Year-over-year, credit card transactions increased by 25%, bank card transactions by 13%, and prepaid card transactions by 46%.

Growth in Online and Contactless Payments

Online card payments also saw substantial growth, increasing by 108% to ₺374.3 billion, accounting for 29% of the total card payments. The number of online transactions grew by 20% to 230 million, making up 15% of the total transactions.

Contactless payments surged as well, with transaction counts up by 33% to 1.028 billion and the value of these payments up by 137% to 377.6 billion lira. Notably, almost four out of every five in-store card payments in May were contactless.

These figures underscore the rapid expansion of card usage in Turkiye, driven by technological advancements and increasing consumer preference for digital and contactless payment methods.

Source: AA / Prepared by Irem Yildiz

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button