Türkiye’s Troy card hit 35M users, growing by 10M in 6 months

The domestically developed Troy card, launched in 2016, has seen exponential growth in recent years.

By the end of 2023, the number of Troy-branded cards reached 25 million, and this figure surged to 35 million in the first half of 2024. The momentum continues, with expectations to hit 50 million users by the end of the year.

How Turkish card Troy contribute to economy?

• As of July 2024, 36 million Troy cards were in circulation, comprising 9 million credit cards, 19 million debit cards, and 8 million prepaid cards, Ozan Deniz, general manager of the Interbank Card Center (BKM), noted.

• Troy’s market share in card payments exceeded 12% as of June 2024, meaning one out of every eight Turkish lira spent via card transactions was processed through Troy.

• Deniz emphasized the ongoing growth, aiming to increase Troy’s market share to 20% by the end of the year.
• Deniz pointed out that the increased usage of Troy cards has kept hundreds of millions of Turkish lira within the country, contributing significantly to the national economy.
• The long-term goal is for Troy to become the leading card system in Türkiye, with potential economic contributions reaching billions of Turkish lira.

What is Troy?

• Troy, which is a Turkish card scheme founded in 2015 by the Interbank Card Center, is the only domestic card scheme in Türkiye.
• Troy cards are offered to users by 28 banks and 20 e-money institutions.
• The system’s infrastructure, marked by the Troy logo on the lower right corner of debit, offers financial services including credit card, debit card, prepaid card issuing, network processing and allowing for seamless shopping and ATM withdrawals.
• Troy has been developed using the advanced technological know-how of Turkish banking, which is globally recognized for its digitalization, service variety, and practicality.

How Troy become so popular in Türkiye?

• National pride: Deniz credited the card’s popularity to the support and trust of Turkish citizens, who have embraced Troy as a symbol of national pride.
• High tech: He highlighted that Troy’s infrastructure, built with advanced Turkish banking know-how, has enabled widespread use within Türkiye and is steadily increasing its international validity.

What Troy aims for the future?

• Market leadership: The long-term vision for Troy is to achieve market leadership in both card numbers and transaction volumes within three to five years, significantly boosting Türkiye’s economy.

• Financial independence: The rise of Troy is a testament to Türkiye’s commitment to developing local and national brands that strengthen financial independence.
• Advance tech: Continuous improvements are being made to expand Troy’s validity abroad, backed by strong technological enhancements.