The value of card payments in Turkey saw notable fluctuations between 2013 and 2023. The market decreased by 2.87% in 2022 and then increased slightly by 1.91% in 2023, reaching $229.86 billion. Notably, the sector saw a significant drop of 15.21% in 2020, yet rebounded robustly in 2021 with a 29.12% increase. The 5-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at 2.07%, indicating moderate growth.
Looking forward, the forecast suggests a steady and gradual rise in card payment values from 2024 to 2028, with an average annual growth rate of 1.45% and an overall growth rate of 7.48% over this period.
Trends to watch for:
- Further digital transformation and adoption of mobile payment technologies
- Impact of economic fluctuations and inflation on consumer spending
- Government regulations and policies affecting the financial and banking sectors
- Advancements in payment security and fraud reduction measures
