89 percent increase in card payments in July compared to last year

Citizens struggling with the cost of living due to high inflation and rising prices have found a solution in credit cards.

The Interbank Card Center (BKM) has announced its card payment data for July.

Accordingly, as of July, the number of credit cards in Turkey reached 124.9 million, the number of debit cards reached 191.0 million, and the number of prepaid cards reached 96.7 million. Compared to July 2023, there was a 14 percent increase in the number of credit cards, a 5 percent increase in the number of debit cards, and a 19 percent increase in the number of prepaid cards. The total number of cards reached 412.6 million, showing an 11 percent increase compared to the same period last year.

DEVELOPMENT OF CARD PAYMENT AMOUNT

The total amount of payments made with credit cards, debit cards, and prepaid cards in July increased by 89 percent compared to the same period of the previous year, reaching 1,421.3 billion TL.

While 1,201.7 billion TL of card payments were made with credit cards, 192.7 billion TL were made with debit cards, and 26.9 billion TL were made with prepaid cards.

The growth rate in payments made with credit cards compared to the same period of the previous year was 94 percent, while it was 58 percent for payments made with debit cards and 124 percent for payments made with prepaid cards.

DEVELOPMENT OF CARD PAYMENT TRANSACTION VOLUME

The total number of payments made with credit cards, debit cards, and prepaid cards in July increased by 16 percent compared to the same period of the previous year, reaching 1.61 billion transactions.

While 936.0 million of the card payments were made with credit cards, 558.1 million were made with debit cards, and 114.2 million were made with prepaid cards.

The growth rate in the number of payments made with credit cards was 19 percent compared to the same period last year, while it was 8 percent for the number of payments made with debit cards and 37 percent for the number of payments made with prepaid cards.

DEVELOPMENT OF ONLINE CARD PAYMENT AMOUNT

Online card payments increased by 85 percent compared to the same period last year, rising to 421.7 billion TL. The share of online card payments in the total was 29 percent.

DEVELOPMENT OF ONLINE CARD PAYMENT VOLUME

The number of online card payments increased by 12 percent compared to the same period last year, rising to 222.8 million transactions. The share of online card payments in the total is 14 percent.

DEVELOPMENT OF CONTACTLESS PAYMENT AMOUNT

The number of contactless payments made with cards increased by 26 percent compared to the same period last year, reaching 1,058.1 million transactions. The contactless payment amount increased by 111 percent compared to the same period last year, reaching 437.4 billion TL.

In July, approximately 4 out of every 5 in-store card payments were made contactlessly.

News Source: İHA