Increase in credit card usage

Garanti BBVA Payment Systems (GÖSAŞ) has announced the results of its 'Card Payments in Turkey 2023' research, conducted using BKM data.

The infographic study prepared by GÖSAŞ sheds light on areas such as the rate of bank and credit card ownership in Turkey, trends and developments in card spending, and the increase in e-commerce volume.

17 PERCENT INCREASE IN THE NUMBER OF BANK AND CREDIT CARDS IN 2023

The 'Card Payments in Turkey 2023' research shows that as of the end of 2023, the number of credit cards rose to 118 million, while the number of bank cards reached 279 million, showing a 17 percent increase compared to 2022.

While spending made with credit cards was 3 trillion 708 billion TL in 2022, it reached 6 trillion 699 billion TL in 2023 with an increase of 122 percent.

Shopping expenditures made with cards reached 8 trillion 241 billion TL.

75 PERCENT LUMP SUM IN 2023

It was observed that 75 percent of credit card expenditures in 2023 were made as lump-sum payments, while 25 percent were made in installments. The share of e-commerce in installment shopping increased from 50 percent in 2022 to 53 percent. While the rate of lump-sum payments was higher in e-commerce expenditures made with credit cards, the research showed that 58 percent (1.090 billion TL) of the total 2 trillion TL in credit card e-commerce shopping was preferred as lump-sum payments.

CREDIT CARDS USED MOST IN GROCERY STORES

In 2023, the category where credit cards were used the most was grocery stores, with 24 percent. This was followed by electrical-electronics/computers with 9 percent, and clothing, construction materials, and fuel categories with 7 percent each. On the other hand, the highest increase in card spending occurred in the sales-service-spare parts sector with a rate of 157 percent. This sector was followed by electrical-electronics/computers with 154 percent and restaurants with 154 percent. The lowest increase in card spending was seen in the fuel sector with 70 percent.

CONTACTLESS PAYMENT PREFERRED

The 'Card Payments in Turkey 2023' research reveals that the habit of contactless payment is becoming increasingly established among users. Accordingly, the number of contactless transactions, which was 4 billion in 2022, reached approximately 5.5 billion as of the end of 2023, showing a 39 percent increase in the last year. On the other hand, the share of contactless transactions within face-to-face transactions made with cards in 2023 reached an average of 63 percent; in other words, more than 6 out of every 10 card transactions became contactless.

INCREASE IN E-COMMERCE EXPENDITURES

While the e-commerce sector in Turkey continues to grow, both the share of e-commerce in total credit card expenditures and its growth rate have increased.

In 2023, the volume of expenditures made with credit cards in the e-commerce sector reached 2 trillion 61 billion TL, and the weight of this figure within total card expenditures approached 31 percent. When the growth trend of e-commerce expenditures in previous years is examined, it is seen that the rapid growth trend that started especially during the pandemic period settled around 28-30 percent, and the growth, which slowed down last year compared to before, accelerated again by approximately 2 points in 2023 compared to 2022. On the other hand, when looking at the sectors where e-commerce expenditures increased the most in 2023, jewelry ranked first with 208 percent, followed by the clothing and education sectors with a 151 percent increase.

Among the top 5 sectors where expenditures increased the least, grocery stores are at the bottom with a rate of 118 percent. The sector with the highest share of e-commerce expenditures in the total was seen as electrical-electronics/computers with a rate of 60 percent.

News Source: 12punto

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