NEWS

Turkey launches its own national payment clearing system
October, 2015


In a first for Turkey, payments will be able to be transferred through a national provider rather than the current VISA or MASTERCARD services. The system named TROY, will be operational from next April.
Electronic payment cards are processed by merchants, and then sent to a clearing network, which completes the payment. Visa and Mastercard were previously the choice for this operation.
Despite a preference to pay with cash in Turkey, there are still a total of 164 million bank cards in Turkey, with 106 of these being credit cards.
The InterBank Card Center (BKM) was established with the partnership of 13 public and private Turkish banks in 1990. The BKM says that it aims to provide solutions to common challenges of banks and develop rules and standards for credit and debit cards.