As a major product of all bancassurers in Turkey is life insurance linked to a credit card balance, increased usage of credit cards automatically flows through to increased life insurance premium.
The interbank card centre has just published figures that show that between April 2011 and April 2012, both usage of credit cards, debit cards, and withdrawals from ATM machines using these cards rose significantly.
The statistics show that the preferred payment method in the country is credit card – by a clear margin!
Over the period in question, the number of credit cards in issue increased by 8%. The level of monthly withdrawals from ATMs using credit cards increased by 22% and monthly spending on credit cards by 27%.
The number of debitcards in issue increased by 18%. The level of monthly withdrawals from ATMs using debit cards increased by 20% and monthly spending on debit cards by 36%.
In April 2012, we withdrew 2.357 bn TL from ATMs using credit cards, and 23.512 bn TL using a debit card. Shopping figures showed 25.590 bn TL using credit card, but only 1.240 bn TL using debit cards.