Nicosia, Cyprus. Turkish Cypriot ‘prime minister’ Unal Ustel announced plans on Friday for the north to create its own credit card system. He said the system will be entirely local and valid only in the TRNC.
Announcement and stated aims
Ustel made the remarks at a joint press conference with Turkish Vice President Cevdet Yilmaz. He said supporting the card with campaigns would accelerate cash flow in the domestic market and create commercial vitality, adding that work is continuing with the government and stakeholders.
Existing card networks
Major global credit card systems include Visa and Mastercard, alongside China’s UnionPay, Diners Club International, India’s RuPay, and Russia’s Mir.
Turkey’s domestic system Troy
Turkey has had its own credit card system, Troy, since 2016. Troy cards can be acquired from Turkish financial institutions including AkBank, DenizBank, Garanti BBVA, HalkBank, KuveytTurk, Teb, YapiKredi, and Ziraat Bank.
Troy cards can be used on machines on their own network, as well as on machines belonging to Diners Club International and the American network Discover.
Usage figures and stated economic rationale
In September last year, Ozan Deniz, general manager of the Interbank Card Centre (BKM), which created Troy, said more than 67 million Troy cards have been issued. He said 20 per cent of card transactions in Turkey, around 40 million transactions per day, now take place with Troy cards.
Deniz said that with Troy, money that used to leave the economy through commissions now stays in Turkey.
Plans for expansion
Deniz said his long-term goal is to carry the success beyond Turkey’s borders, adding that work is under way on the export and acceptance of Troy abroad, starting with nearby regions and the Turkic states.
How could a local-only card system affect everyday payments and businesses in the north?
