Forecast: Value of Payments by Cards with a Credit Function in Turkey

The value of payments by cards with a credit function in Turkey has seen a notable decline from 2013 to 2023, with figures decreasing from $202.76 billion in 2013 to $139.55 billion in 2023. Over the years, there have been significant fluctuations, with the most substantial drop of 18.63% occurring in 2020. The subsequent year showed a recovery of 24.02% in 2021, but the trend resumed its downward path, culminating in a -1.97% change in 2023. The five-year compound annual growth rate (CAGR) from 2018 to 2023 was -1.76%, indicating a consistent contraction in the market.

Future trends to watch for in this market include potential shifts towards digital payments and alternative financial technologies that could impact traditional credit card usage. It will be essential to observe how consumer behavior and regulatory changes in Turkey influence the payment landscape in the coming years.