Turkey has gone live with its own card payment system, dubbed Troy, as it seeks to boost electronic money and usher in a cashless society by 2023.

Following in the footsteps of the likes of Canada, India and Italy, Turkey is hoping that building its own card system will boost its economy by reducing the use of cash, lowering inflation and tackling the black market.



The country's ATMs, POS terminals and e-commerce sites are ready for Troy transactions and cards bearing the Troy logo will now start making their way to customers.



Soner Canko, GM, Interbank Card Center (BKM), says: "Make a transaction over a POS terminal, an ATM or the internet and, whether you are paying or being paid, your transaction will be processed in a secure, rapid and problem-free way. Moreover, it will be unique to Turkey. The winner will be Turkey."



BKM says that around 98% of the five billion card transactions carried out on Turkish cards every year are domestic, but adds that banks can make deals with other card schemes to enable international payments.



Adds Canko: "We aspire to create a cashless society by 2023. In the future, when we look back to today, we shall remember with pride this meaningful moment when Turkey’s Payment Method was launched."