Türkiye expedites transition to national payment system TROY
File photo shows a person inserts a TROY card into a point-of-sale (POS) terminal. (AA Photo)
The Economic Coordination Committee (EKK), Türkiye’s government body responsible for economic policy management, convened on Friday to evaluate decisions related to a domestic electronic card payment clearing system, TROY, and outline strategies for its implementation.
Following the meeting in Konya, the EKK issued a statement emphasizing steps to promote the use of TROY and shared a roadmap with committee members, underscoring the commitment to enhancing the financial system’s infrastructure.
“Efforts regarding TROY, a significant brand in the field of card payment systems developed with technology in Türkiye, were evaluated during the meeting. Additionally, a roadmap for increasing its use was presented to the committee members,” the statement read.
The meeting also addressed structural reforms to strengthen the economy, measures to combat inflation, and strategies for inclusive growth.
Türkiye’s Payment Method (TROY)
TROY is a domestic payment system established in 2015 by the Central Bank of the Republic of Türkiye (CBRT) and 10 partner state banks. Its primary goal is to process domestic economic transactions on local servers, eliminating the need to pay commissions to foreign payment providers.
As of October 2023, TROY cards are accepted by 55 banks and electronic money institutions for all ATM, point-of-sale (POS), and e-commerce transactions within Türkiye.
Expanding TROY’s usage aims to bolster economic localization, enhance financial infrastructure, and reduce dependency on international systems. Officials highlight the strategic importance of this initiative in achieving financial autonomy for Türkiye.
To accelerate the adoption of TROY, a regulation published in the Official Gazette on Jan. 16 made it mandatory for public banks and institutions to transition all payment processes to TROY. As a result, transactions such as pension payments, scholarships, loans, and social aid disbursements will now be processed exclusively through the TROY payment system.
