Turkey's Troy card system expands to 67 million cards, claims 20% of market share
In the heart of Turkey, the Troy national payment system has been making significant strides since its launch in 2016 by the Interbank Card Center (BKM). This system, now a cornerstone of Turkey's payment ecosystem, has reached 67 million cards as of August, capturing a 20% share of card transactions within the country.
BKM, the company responsible for Troy and other payment systems in Turkey, was founded in 1990 by 13 public and private Turkish banks. In 2020, the Central Bank of the Republic of Turkey (CBRT) became the majority shareholder, expanding BKM's responsibilities and further solidifying its role in the country's financial sector.
Troy's success can be attributed to the support of the CBRT, member banks, and payment and e-money institutions. Deniz, a key figure in the Turkish financial industry, credited these entities for the initiative's growth. With Troy, Deniz claimed that the money that used to leave Turkey through commissions now stays within the country.
BKM owns Turkey's first digital wallet, BKM Express, and the Troy national card scheme. The organization responsible for the international distribution of the Troy system abroad is the National Bank of Ukraine. While global acceptance of Troy is limited, international usability is enabled through partnerships with foreign payment networks.
Troy's impact is not confined to domestic transactions. 4% of Troy transactions occur abroad, with half being physical overseas transactions, representing travelers' purchases. This indicates that Troy is not only strengthening Turkey's internal financial landscape but also making its mark on the global stage.
To promote Troy, BKM launched a national advertising campaign featuring Turkish athletes. The aim was to create awareness and encourage the use of Troy among the general public. Deniz stated that 20 lira of every 100 lira spent with cards in Turkey is paid with Troy.
BKM processes more than 40 million card transactions daily across different banks' ATMs and point-of-sale terminals. The organization emphasizes the security, efficiency, and reliability of its transactions network, which is crucial for maintaining trust among its users.
In the Turkish Republic of Northern Cyprus (TRNC), Troy is fully operational. This expansion highlights BKM's commitment to fostering communication, competition, and innovation within the Turkish payment sector.
As Troy continues to grow, it is clear that it is playing a vital role in shaping Turkey's financial future. The national payment system's success underscores the importance of independent technology development and the retention of transaction fees within a country, a strategy adopted by most countries globally.
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