Anatolia, which comprises a large part of the Republic of Türkiye, has historical significance in the world of payments. It can be viewed as the birthplace of payment instruments, marking the beginning of purchasing history.
In the 7th century BCE, the first coins were minted in this region by the Lydians. As “money” began to represent the economic power of civilizations, it gradually replaced the barter system, ushering in a new era. It is no coincidence that one of the world’s first major mints also began operating centuries later in these lands, which served as a center of commerce and contributed to the evolution of civilization. In the 15th century, payment instruments minted by the Turks in the largest and most advanced mint of that time were more than just currency; they also represented the seal of the state, the memory of the society, and the identity of a civilization.
Historically, money took the form of “coins” made of silver, gold, and various alloys, eventually evolving into paper currency as a fundamental tool for trade. In the 20th century, money was transformed once again, transitioning from a physical entity produced in mints and printing presses to a digital form. This transformation turned money into data that is utilized through various payment methods and processed by infrastructures specifically developed for this digital representation and its dynamics: the payment systems.
The re-emergence of advanced payment systems in this region ― such as the central bank-operated RTGS system, first introduced in the early 1990s as an early example of its kind, and at the fingertips of citizens since 1997 ― can perhaps be interpreted as history repeating itself.
The story of Türkiye’s digital payments ecosystem begins in the late 20th century with the adoption of foreign card schemes in order to facilitate spending by tourists visiting the country. Subsequently, due to the development of the banking sector and the liberalization policies implemented in the economy in the 1980s, card payments began to increase their share in domestic payments. The modernization of telecommunications infrastructure also enabled creation of new payment networks for card payment systems to move forward, and the Interbank Card Center (BKM) was founded in the early 1990s to serve the country’s banking system at the heart of these networks.
BKM’s Role in Card-Based Payments
BKM plays a crucial role in Türkiye’s advanced payments systems thanks to its infrastructure, human resources, and significant projects. BKM has not only brought the most modern global applications of card payment systems to the Turkish ecosystem, but has also been an institution that ensures that applications first implemented in this ecosystem create an impact in other countries’ ecosystems.
Having successfully enabled the operation of domestic card payment transactions within Türkiye since its establishment, and with the collaborative backing of Türkiye’s leading banks, BKM implemented a strategic decision in 2016 to strengthen national financial infrastructure by launching TROY, the country’s first local card scheme. TROY plays an essential role in terms of …
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