Use of the domestically developed Troy electronic card payment system has grown rapidly, reaching 35 million in the first half of the year, up 10 million, a report said on Wednesday.
At the same time, the number of cards is expected to rise to 50 million by the end of the year.
Interest in the domestic Troy card, introduced in 2016, has increased significantly in the first half of this year, as both the use and the number of these cards recorded remarkable growth.
Ozan Deniz, General Manager of Interbank Card Center (BKM), said in an interview with Anadolu Agency (AA) that the number of Troy brand cards increased to 25 million by the end of 2023 and reached 35 million in the first half of this year with an increase of 10 million.
He said there were 36 million Troy cards in existence at the end of July, including 9 million credit cards, 19 million debit cards and 8 million prepaid cards.
In addition, Deniz reported that Troy cards’ market share in card payments exceeded 12% at the end of June.
“In other words, 1 in 8 TL of card payments is made with the domestic Troy card,” he said.
“Our card numbers and usage share are growing every day. We aim to increase Troy’s market share to 20% by the end of the year while maintaining this momentum,” he added.
Explaining the scope of the operations, Deniz recalled that Troy was established in 2016 through joint efforts of the Turkish banking and financial sector.
“Since day one of its operations, Troy has grown steadily in both quantity and volume and has carved out a significant place for itself in the payments space,” he explained.
“Especially in the past year, this growth has accelerated. The biggest factor in this growth is undoubtedly the popularity and interest of our citizens in Troy. First and foremost, we feel obliged to thank all our users who have embraced Troy, our country’s brand, and contributed to its success,” said Deniz.
“By card system we mean the technological infrastructure that enables purchases and withdrawals from ATMs and is identified by the logo in the lower right corner of debit, credit and prepaid cards,” he explained, further explaining how it came about.
“Troy was developed as a card system with the know-how of Turkish banking, which is at a very high level worldwide both in terms of digitalization and the variety and practicality of the services offered, as well as with the expertise and experience of BKM, which is looking back on its 35th year in the payment sector,” he explained.
Deniz emphasized that Troy is widely and actively used all over Turkey thanks to its strong infrastructure and its validity abroad is increasing every day. He added that the technology and validity of Troy cards are continuously being improved with the trust and favor of citizens, the support of banks and the knowledge and expertise of BKM.
“We continue our work on the principles of financial independence, increasing the predictability of our banking sector, ensuring cost optimization and offering our citizens the most qualified national card brand that they will carry with pride,” he said.
“Our main goal in developing Troy was to create a local and national brand,” he added.
Deniz emphasized the economic importance of the card system, noting that all domestic card and digital payments could be made through the Troy infrastructure.
“With the current level, we have ensured that an amount that can be expressed in hundreds of millions of Turkish lira remains in our country,” said Deniz, concluding by stressing the goal of making an even greater contribution to the country’s economy.
