Historic Increase in Card Payment Transactions: 2.1 Trillion Lira

An increase of 51% in payments made with credit cards, debit cards and prepaid cards led the total transaction amount to reach 2 trillion 146.3 billion lira in August. This striking increase draws attention as an indication that the dynamics in the payment systems market are changing rapidly and users' tendency towards contactless payment methods is increasing.

According to data published by the Interbank Card Center (BKM), consumers' preference for alternative payment methods such as credit and prepaid cards has accelerated the shift from physical shopping to online spending. Projections suggest that this trend will continue in the coming period. Especially the interest of the younger generation in digital payment systems plays a major role in the increase in card payments.

These remarkable data in August, when evaluated in a broader economic context, show that consumer confidence and spending habits are evolving in a positive direction. In addition to shopping, credit card spending can be directly linked to demand for travel, entertainment and online services. This diversity of spending areas reflects consumers' increased financial flexibility and willingness to shop.

Particularly in the wake of the pandemic in recent years, individuals' hesitation to carry cash has greatly increased the demand for contactless payment systems. This transformation has accelerated, especially with younger consumers preferring card payments over cash. In addition, the adaptation of businesses to digital payment systems by keeping pace with these transformations has completely changed market dynamics.

The ease and speed of payment has been an important factor for the adoption of these systems by consumers and businesses. The advantages offered by debit and credit cards and promotions such as bonuses or installment options are among the other factors that encourage users to turn to such methods.

This record increase in August may only be the beginning. In the coming period, with digitalization and the evolution of financial services, card payments are expected to increase further. Investors and financial analysts are carefully monitoring whether this momentum is sustainable and the economic impact.