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Turkey Country Report

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  • Published Date: April 2020

A comprehensive overview of the credit cards, payments and consumer banking market in Turkey, with clearsighted commentary backed by relevant data.

Normally a credit card business wouldn't work with the caps on interest rate margin set by the authorities, but issuers are compensated through interchange in what is a unique and ambitious ecosystem. Domestic network Troy has been steadily growing market share. Contactless too is growing rapidly, with use spiking as viral awareness took hold during pandemic. Debit card spend at the point of sale grew fivefold in the seven years before 2020, although credit card APRs and interchange are at historically low levels.

What you will learn from this report:

  • Why credit cards have been so popular
  • How domestic network Troy is impacting the market in Turkey
  • Which competitive advantages issuers have created
  • How regulators are so pivotal to the Turkish credit card market
  • What low rollover rates mean for profitability


  • Turkey had been recovering from a difficult two years when the Covid-19 crisis hit, further destabilising the economy.
  • Owing to a long-running cashless push, this payments market is highly advanced and competitive.
  • The country has a goal to be cashless by 2023. While this won't be met, the campaign has spurred further innovation.
  • With over 200 million cards in issue, Turkey is Europe's second-largest cards market. Credit cards are preferred to debit cards for making purchases.
  • The credit cards market is highly regulated: interest rates and interchange are centrally set, and there are strict rules around minimum payments and instalment plans.
  • Debit cards outnumber credit cards but are used predominantly to withdraw cash. The rewards offered on credit card transactions serve as a disincentive to use debit cards for purchases.
  • The Interbank Card Center (BKM) has been central to the promotion of card use in the country. Through BKM, competing banks have collaborated to increase the size of the overall market.
  • Domestic card scheme Troy was launched in 2016 to compete with Visa and Mastercard.
  • The Turkish credit cards market is highly competitive, with the top five issuers – Yap Kredi, Garanti Bank, Isbank, Akbank and QNB Finansbank – collectively representing around two thirds of total credit cards in issue.
  • Turkish banks are unusual in that they combine their card issuing and acquiring businesses

Turkey Payments Research | Report Contents

Key Topics
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information

Appendices: Card Payments Data

Appendix I: Demographics and the economy

  • Demographic and economic indicators
  • Ownership of key consumer devices
  • Internet usage by population

Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods

Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics
  • Prepaid/e-money cards metrics

Appendix IV: Profit pool

  • Profit pool

Appendix V: The card networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees

Appendix VI: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers

Appendix VII: Acquiring and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by number of POS transactions

Appendix VIII: Online acquiring

  • Online merchant acquirer market share

Entities referenced in this report

ABank Akbank Albaraka Turk Alfabank Alipay Alternatif Bank American Express Apple Pay Araba Banco Bilbao Vizcaya Argentaria Bank Asya Banking Regulation and Supervision Agency Bankkart Mobil BBVA BDDK BKM BKM Express BNP Paribas Boleto Bonus Fla CardFinans CarrefourSA Cep Cuzdan ClubFinans Coca-Cola Icecek Commercial Bank of Qatar DenizBank Diners Club Discover Dogu Group Elo Eyeverify Finansbank Fincube Incubation Center Finnish Online Banking Game Sultan Garanti Bank Garanti Payment Systems G-Cash Giropay Gitti Gidiyor Google Pay GPS Hackquarters Halkbank Hepsiburada Ideal iGaranti ING Turkey Ininal Interbank Card Center iPara Isbank Iyzico Payments JCB Kiler Knet Kuveyt Turk MagiClick Digital Markafoni Mastercard Mastercard Payment Transaction Services Turkey Mobil Odeme MOL AccessPortal MPTS Turkey National Bank of Greece Opet Paratika Paycell PayCore PaymentWall PayPal PaytoGo PayTR PayU Provus QNB Finansbank Real Samsung Pay Sberbank SEPA Direct Debit TEB Trendyol Troy Turk Ekonomi Bankas Turk Telecom Turkcell Turkish Airlines Turkiye Finans TurkPos UnionPay Vakifbank VeriPark Visa Vodafone WeChat Pay Yandex Yandex.Money Yap Kredi Ziraat Bank Ziraat Katilim


Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more European country reports or explore cards & payments research reports for 72 markets worldwide.

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