Consumer Payments Country Snapshot: Turkey 2016
The Turkish payments market continues to witness significant change as it aims to become a cashless society by 2023. Although payment cards still play an important role, new payment technologies will continue to develop, with mobile payments expected to play a significant role in driving an increased level of electronic payment adoption in the Turkish market. This process will be supported by the modernization of the payments infrastructure over the last five years, as well as the latest amendments to regulation, which relaxed restrictions on credit card and consumer loan installment payment plans. This will have an impact on consumer indebtedness.
- With less than one in five Turkish consumers paying their credit card balance in full, the number of revolvers has continued to increase. The higher consumer indebtedness makes the credit card market particularly attractive for issuers aiming to benefit from both credit interest and interchange from purchases.
- While e-commerce accounts for the vast majority of online purchases by value in Turkey and is set to record a compound annual growth rate (CAGR) of 16% between 2015 and 2020, m-commerce is expected to record a CAGR of 41% over the same period of time.
- With PayPal being forced to close its operations in Turkey, its 21% market share will be redistributed among its competitors. As a result, it is very likely that mobile banking apps that allow P2P fund transfers will further increase their 36% market share in the future.
Verdict Financial’s “Consumer Payments Country Snapshot: Turkey 2016” examines the consumer payments market in Turkey, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. It looks at the regulations in force in the market that players must comply with, and how these have changed in recent years. The report also:
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- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in Turkey are deploying these tools to meet customer needs.
- Explores the online payment market in Turkey by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
- Understand the key facts and figures in the consumer payments market in Turkey.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in the Turkish market and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Turkish payments players and any recent or upcoming changes to those requirements.
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- REMOTE PAYMENTS
- PAYMENTS INFRASTRUCTURE & REGULATION