Turkey is set to launch a national payment system, the national payment scheme is due to be implemented by 2016 and is currently being branded as TROY.
“Our sector is moving fast, both locally and globally. We need a local solution, that will
Turkey launches a national payment system
bring independence and economies required to innovate in payments,”comments Soner Canko, CEO, BKM (Interbank Card Center of Turkey ). “The Turkish banking sector has the know how to create such a new payment alternative ”
“As BKM, when we were celebrating our 25th anniversary, we said that we will continue to add value to Turkey, and today we are having a historical moment and breaking a new ground both for Turkey and card payment systems,” Canko continues. “Turkey is now implementing her own payment method thanks to the infrastructure that we have created until today with our vast knowledge and technological power.”
“The need for alternative solutions, which will meet locally requirements, is growing. Given their global reach and size, global schemes respond to local needs in varying speeds. There are many local alternative payment methods around the world that successfully serve their home market.
When we evaluated these examples and the requirements of Turkish banks, we concluded that a local solution will bring independence and economies required to innovate in the fast moving, competitive payments market of our country. The time has come to start a new era with the deep know how and technology of the sector.”
TROY – the new national payment system – ready in 2016
All banks in Turkey have joined their forces under BKM and developed the first national payment system in Turkey. The brand name TROY, is derived from the acronym of Turkish words for Turkey: TR, Payment: O, and Method: Y.
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