The government of Turkey has unveiled a new electronic national card payment clearing system, known as TROY.

The new system will be managed by Interbank Card Center (BKM), though banks will get the option to select the national system or another.

The fee of using the card will be lower compared to that charged by the international card networks.

The new electronic card payment clearing system will be operational from 1 April 2016.

BKM chairman Soner Canko said: "We are pleased to have our own brand, which you will see at the bottom-right corner of every [debit or credit] card. He said TROY would be a first for the country, adding that the three-year project constitutes ‘a historic moment’."

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By GlobalData

Canko added that the centre gained support from the Central Bank of the Republic of Turkey, the Banking Regulation and Supervision Agency, and all banks during the system’s development phase of the payment system.