Türkiye’s national payment system Troy to replace Visa and Mastercard by default

In a move aimed at strengthening Türkiye's national payment infrastructure, Turkish state-owned banks will now prioritize issuing cards from the national payment system Troy instead of global giants Visa or Mastercard.

This decision was formalized in a decree by President Recep Tayyip Erdogan, published in the official Resmi Gazete, per Caliber.Az.

According to the decree, state-owned banks will now issue Troy cards by default when providing new cards or replacing existing ones, unless customers specifically request otherwise. This marks a significant shift in Türkiye's payment landscape, with all government-related payments — such as pensions, scholarships, and social benefits — now being processed through Troy. Turkish TV channel T24 described these changes as ushering in "a new era of government payments," with Troy becoming the mandatory system for all such transactions.

Launched in 2016, the Troy payment system was designed to boost cashless transactions within Türkiye. In 2022, amid growing tensions and sanctions, Türkiye began offering Russian citizens the option to use Troy cards instead of the Mir payment system. Meanwhile, Visa and Mastercard issued in Russia have been restricted from operating abroad since 2022.

Troy has experienced impressive growth, with its market share increasing by 15 times and payment volumes expanding 32-fold by the end of 2023, following a widespread boycott of Visa and Mastercard. By mid-2024, Troy had issued 35 million cards, and its cards now account for 12% of all payments in Türkiye. Additionally, Troy cards are accepted in 185 countries worldwide, further establishing the system’s international presence.

By Tamilla Hasanova