ISTANBUL – Turkish Daily News
Card payment systems support the fight against the informal economy, Arif Yıldırım of Turkey's Revenue Administration said yesterday during the second Cardist Card Technologies Exhibition and Summit held in Istanbul.
“The ratio of informal economy in Turkey stands at approximately 35 to 50 percent depending on the way it is measured. Card payments have a positive impact on the economy and employment as they give credible economic indicators. Electronic payment systems also support integration of local and global economies,” he said at the Cardist Card Technologies Exhibition and Summit.
Chip & PIN reduces credit card fraud
With the transfer to the Chip & PIN system, credit card fraud and forgery have been reduced by 73 percent, said Sertaç Özinal, chief executive officer of Turkey's Interbank Card Center, or BKM. Turkey was the third country in Europe to introduce the Chip & PIN system in March 2006. The deadline to transfer to the new system was in June 2007.
The electronic payments sector is expected to experience notable growth in the future, Özinal added. “Turkey is among the highest ranking countries in Europe in terms of card payments. At the moment some 9 percent of the total turnover of all card payment systems among 15 European countries, come from Turkey. We expect this figure to reach 10 percent in the future. In terms of growth Turkey ranks first,” he added.
Turkish card payment sector to expand
Some 61 percent of all retail sales are paid with cards in Turkey. There are some 39.1 million credit cards in Turkey and 57.1 bank cards, Özinal said. “There is notable growth potential in the card payment systems market in Turkey, which is the third-largest market in Europe after the United Kingdom and Spain. […] For example, in terms of point of sale (POS) appliances Turkey ranks second after Spain with its 1.5 million appliances. We expect to take over the first rank from Spain soon,” he said.
The main speakers of the two-day conference were expected to be Finance Minister Kemal Unakıtan and Greater Istanbul Municipality Mayor Kadir Topbaş. Both speakers did not attend the event and were replaced by others. The event, which started yesterday, continues today.