Turkey’s national payments system, which was originally launched in September 2015, has finally gone live as the country looks to become a cashless society by 2023.
Dubbed Troy, the new payments system brings together all banks within the country and allows them to select any international card scheme partners they wish.
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BKM (The Interbank Card Center of Turkey), a 26-year old clearing and settlement services firm, was behind the development of Troy.
Starting 1 April, the country’s ATMs, POS terminals and e-commerce sites are ready for Troy transactions.
BKM general manager Soner Canko said: "Make a transaction over a POS terminal, an ATM or the internet and, whether you are paying or being paid, your transaction will be processed in a secure, rapid and problem-free way. Moreover, it will be unique to Turkey. The winner will be Turkey."
"Very soon we shall start to see TROY cards in wallets. TROY will be used in homes, workplaces and for all purchases.
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By GlobalData"We aspire to create a cashless society by 2023. In the future, when we look back to today, we shall remember with pride this meaningful moment when Turkey’s Payment Method was launched."
According to an estimate, Tukey has 171 million bankcards out of which nearly 112 million is credit cards; however, card payments continue to constitute the marginal of all transactions at 40%.
