Interbank Card Center (BKM), the authoritative Turkish source for statistics in online credit card use, released the second quarter spending values. The total number and amount of transactions increased on both year-on-year and quarterly basis.
Domestic transactions with both domestic and international cards totaled $4b. This is a whopping 33% increase compared to Q2 2011, and 6% compared to the last quarter. The spending represents approximately 8% of BKM’s reported domestic total credit card spending volume of $51b.
The year-on-year increase in international online spending with domestic credit cards was 7.6%, whereas the domestic spending with domestic cards saw a shift of 10.1%. The spending with international cards in Turkish stores saw an increase of an impressive 24.1%.
The volume of domestic e-commerce is undoubtedly larger, as many online retailers offer discounted prices for direct wire transfers. Due to the size of the grey market in Turkey, a direct healthy comparison with the entire consumer spending is not possible.