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Coronavirus changes buying habits in Turkey, InterBank Card Center says

Monday 13 April 2020 14:53 CET | News

InterBank Card Center (BKM) data has released research revealing that some 2.5 million contactless cards were used for the first time in March 2020 in Turkey.

 

Additionally,  one out of every five card transactions was contactless as the pandemic started to create lasting changes in people’s purchasing habits. Another factor pushing transactions up was the government’s decision to increase the spending limit on contactless card payments to USD 38.60 on March 18.

The number of contactless transactions in Turkey recorded a 170% jump in March compared with the same period last year as people look for ways to minimize their interaction with surfaces amid the coronavirus pandemic. Contactless payments involve holding a debit or credit card above a payment terminal or using mobile phone apps such as Google Pay or Apple Pay.

Meanwhile, the number of cards in the country rose 9% year-on-year to 239 million, including 168 million debit cards and 71 million credit cards, the BKM said. The number of card payments also increased 3% year-on-year while the total amount of debit and credit card payments surged 9% to TL 85.5 billion in March.

Meanwhile, the number of cash withdrawals from ATM machines declined 14% compared with the same month in the previous year, data showed. Meanwhile, airlines and accommodation sectors saw a 42% decline in card payments.


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Keywords: InterBank Card Center (BKM), online payments, contactless payments, research, Turkey, coronavirus, COVID-19, debit cards, credit cards
Categories: Payments & Commerce | Cards
Countries: Turkey
This article is part of category

Payments & Commerce