Credit card

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The proliferation of digital channels and the increased cost of carrying cash due to high inflation have boosted the use of debit and personal credit cards (PCCs), the Central Bank of Türkiye has said.

The consumer confidence index increased by 2.4 percent month-on-month in September, after inching up 0.6 percent in August.

The index climbed from 76.4 last month to 78.2 this month, data from the Turkish Statistical Institute (TÜİK) showed on Sept. 20.

Any figure above the 100 mark indicates optimism among consumers.

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Credit card spending increased by 94 percent in July compared with the same month last year to hit 1.2 trillion Turkish Liras ($35.5 billion), according to data from the Interbank Card Center (BKM).

The annual increase in card spending slowed from 105 percent in June and 111 percent in May.

European authorities continue to place great emphasis on combating financial fraud, as highlighted in a joint report by the European Central Bank and the European Banking Authority on this issue. Although victims of financial fraud, particularly in online transactions, are increasing, the absolute numbers remain extremely small relative to the total number of transactions.

The value of payments by credit and debit card rose 12.5% in the second quarter (April-June) of 2024 to over €18.8 billion.

The number of transactions by card rose 15.2% to 629.2 million.

The numbers include transactions made abroad with cards issued by Greek banks.

The Turkish banking regulator has decreed that the threshold for contactless payments will be raised by 100 percent to 1,500 Turkish Liras as of July 1.

The number of people with unpaid consumer loans and credit card payments declined by 11.6 percent last year from 2022 to 1.32 million, according to data Encazip compiled.

In 2022, nearly 1.5 million people failed to make consumer loans and credit card payments, according to the numbers of the Turkish Banks Association's (TBB) Risk Center.

The Central Bank has raised the monthly maximum interest rate on credit card cash withdrawals from 4.42 percent to 5 percent.

The bank's decision, which aimed at curbing credit card spending, was published in the Official Gazette on March 16 and came into force.