The number of cards with a credit function in Turkey has shown a fluctuating trend over the past years. The value stood at 69.33 million units in 2023, reflecting a 1.21% year-on-year increase. This follows a previous decrease of 3.57% in 2022 and a significant increase of 28.14% in 2021, signaling some volatility. The compounded annual growth rate (CAGR) over the last five years, from 2019 to 2023, was 0.9%.
The forecasted data suggests a moderate growth trend. By 2028, the number of cards is expected to reach 73.86 million units, corresponding to a forecasted 5-year CAGR of 0.94%. This indicates a steady but slow increase in the number of credit cards over the medium term.
- 2013: 4.59% YoY growth
- 2014: 0.3% YoY growth
- 2015: 2.12% YoY growth
- 2016: 1% YoY growth
- 2017: 6.22% YoY growth, 2.82% 5-year CAGR
- 2018: 6.17% YoY growth, 3.13% 5-year CAGR
- 2019: -0.59% YoY growth, 2.95% 5-year CAGR
- 2020: -15.89% YoY growth, -0.97% 5-year CAGR
- 2021: 28.14% YoY growth, 3.86% 5-year CAGR
- 2022: -3.57% YoY growth, 1.87% 5-year CAGR
- 2023: 1.21% YoY growth, 0.9% 5-year CAGR
- 2024 and beyond: Forecasted 5-year CAGR of 0.94%, 4.79% total growth
Future trends to watch for include the impact of economic policies, changes in consumer credit behavior, technological advancements in digital payments, and potential regulatory changes affecting the credit market. Monitoring these factors will be crucial for understanding the trajectory of credit card usage in Turkey.