In a significant step to broaden the reach of Türkiye’s national payment system, the Interbank Card Center of Türkiye (BKM) and UnionPay International have signed a strategic agreement aimed at enhancing the international usability of TROY cards. The collaboration, announced today, aims to provide Turkish consumers with expanded payment options for global transactions by integrating TROY with UnionPay’s extensive network.
Expanding Global Payment Options
The partnership between BKM and UnionPay, one of the world’s leading payment networks, will allow banks in Türkiye to offer co-branded cards that combine the features of TROY and UnionPay. With UnionPay accepted in over 180 countries and regions worldwide, cardholders will soon have access to a broader range of international payment opportunities. Users of the new TROY-UnionPay co-branded cards will be able to take advantage of UnionPay’s global discounts, privileges, and widespread acceptance while traveling or making cross-border purchases.
According to BKM, the implementation process will involve necessary infrastructure updates and improvements in Türkiye’s financial institutions, paving the way for banks to begin offering these enhanced cards in the near future. This initiative will not only diversify payment solutions available to consumers but also significantly contribute to the trade volume between Türkiye and other countries, especially China.
A Boost for TROY’s Global Recognition
The strategic agreement represents a major development for TROY, which was launched in 2016 as Türkiye’s first domestic card payment scheme. Although TROY already has full domestic acceptance, its international usage has been limited compared to other global payment networks. The collaboration with UnionPay will enable TROY to strengthen its position as a versatile payment option by providing a seamless shopping experience for Turkish cardholders abroad.
BKM General Manager Ozan Deniz stated, “This partnership with UnionPay marks an important milestone for TROY as we continue to expand both domestically and internationally. By integrating with UnionPay’s network, we are offering cardholders more flexibility and enhancing the cross-border shopping experience.” He added that this step would further elevate TROY’s international recognition and provide Turkish banks with innovative opportunities to cater to their customers’ evolving needs.
UnionPay’s Commitment to Türkiye’s Banking Sector
UnionPay International, a subsidiary of China UnionPay, has an extensive acceptance network with nearly 69 million merchants and 1.7 million ATMs outside of China’s mainland. The company has been at the forefront of digital payment innovations, including mobile QuickPass and QR code payment services. UnionPay’s Middle East General Manager, James Yang, highlighted the potential for growth in Türkiye, stating, “We see Türkiye as a strategic market with a highly advanced banking sector. Our partnership with BKM will strengthen ties with key players in the sector and offer more dynamic international payment solutions.”
Yang noted that the collaboration would not only enhance UnionPay’s presence in Türkiye but also create a synergistic environment between the financial institutions of both countries. UnionPay aims to further develop the market for digital payments, adding value through innovative technologies and broadening the range of services available to cardholders.
Impact on Türkiye’s Payment Ecosystem
Founded in 1990, BKM has played a crucial role in the development of Türkiye’s payment systems, providing fast and secure solutions that support cashless transactions. With the Central Bank of the Republic of Türkiye becoming the majority shareholder in 2020, BKM has accelerated its efforts to introduce innovative payment infrastructure, including the launch of TROY. The current partnership marks another step in BKM’s mission to modernize and internationalize Türkiye’s payment systems.
The new TROY-UnionPay co-branded cards will offer Turkish consumers greater flexibility in global shopping, as well as access to exclusive benefits and secure payment options facilitated by UnionPay’s international network. The initiative also aligns with BKM’s broader goal of promoting digital payments and advancing financial technology in the region.
As BKM and UnionPay move forward with the implementation, the Turkish payment ecosystem is set to become more integrated with global financial networks. This partnership not only represents a leap forward for TROY but also positions Türkiye as a key player in the evolving landscape of international digital payments.
Looking Ahead
The introduction of TROY-UnionPay co-branded cards is expected to roll out once the infrastructure enhancements are completed, allowing Turkish banks to begin offering the cards to customers. The integration of TROY with UnionPay’s global payment network will provide consumers with a reliable and convenient solution for international transactions, reinforcing TROY’s role as a comprehensive payment option.
Both BKM and UnionPay have expressed optimism about the potential of this partnership to foster stronger economic ties between Türkiye and other markets. As the demand for cross-border payment solutions continues to grow, the two companies are set to play a pivotal role in shaping the future of digital payments.
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