Record High: Card Payments Hit 1.42 Trillion Lira in August
Interbank Card Center (BKM) Data Shows Significant Growth in Card Payments in Turkey
The latest data released by the Interbank Card Center (BKM) for August has revealed a significant increase in the number of credit cards, debit cards, and prepaid cards in Turkey. As of August, the number of credit cards in the country reached 125.9 million, while the number of debit cards was 191.7 million and the number of prepaid cards stood at 101.3 million.
Compared to the same period last year, there was a 13 percent increase in the number of credit cards, a 5 percent increase in the number of debit cards, and a notable 22 percent increase in the number of prepaid cards. In total, the number of cards in circulation reached 418.9 million, representing an 11 percent increase from the previous year.
The total amount of payments made with credit cards, debit cards, and prepaid cards in August saw a substantial 78 percent increase compared to the same period the previous year, reaching a total of 1 trillion 420.6 billion lira. Credit cards accounted for 1 trillion 192.4 billion lira of the payments, while bank cards were used for 200.4 billion lira and prepaid cards for 27.8 billion lira.
Moreover, the number of card purchases in August saw a 16 percent increase on an annual basis, with a total of 1.61 billion payments made with credit cards, debit cards, and prepaid cards. The number of payments made with credit cards rose by 15 percent, debit cards by 3 percent, and prepaid cards by 32 percent compared to the same period last year.
Online card payments also experienced a surge, increasing by 78 percent compared to the previous year and reaching 413.3 billion lira. Contactless payments were particularly popular, with a 21 percent increase in the number of payments and a 98 percent increase in the total amount, reaching 458.8 billion lira. In fact, approximately 4 out of 5 card payments made in-store during August were contactless transactions.
Overall, the latest BKM data highlights the significant growth in card payments in Turkey and the increasing shift towards digital and contactless payment methods.
