Turkey has introduced its own card payment system in an attempt to move towards a cashless society by 2023. Known as Troy, the system has been built into all point-of-sale terminals and ATMs across the country, enabling consumers to carry out transactions using their Troy cards.
“Make a transaction over a POS terminal, an ATM or the internet and, whether you are paying or being paid, your transactions will be processed in a secure, rapid and problem-free way,” says Dr Soner Canko of Turkish card payment system operator BKM.
“We worked for a long time to develop Turkey’s first and only national payment method. We determined the standards and prepared the operating rules. We worked with the members who issue and accept cards. We ensured that the card producers and the terminal providers were fully prepared.”
“We have a very important target,” Canko added. “We aspire to create a cashless society by 2023. Moreover, it will be unique to Turkey. The winner will be Turkey.”
Canko took part in a panel session at Money2020 Europe in which he discussed the country’s plans to become a cashless society within the next 10 years and the call by Sweden’s central bank to make using cash a legal right for consumers.