Mobile contactless payments are not overly popular in Turkey right now. The same can be said for nearly any other country in the world.At the same time, the time to experiment with this new technology is right now. TROY, the Turkish national card scheme, will offer mobile contactless payments to its users very soon. This is an initiative by the Interbank Card Center to improve payment functionality in the country.

In a way, it is good to see more mobile contactless payment options come to market. In Turkey, there are few initiatives of this magnitude right now. TROY is definitely a solid choice when it comes to experimenting with this technology. The national card scheme in Turkey has been well received by the general population. Over two million registered cards are in circulation already. Moreover, the cards combine for over 12 million transactions during 2017. A good start to this new venture by the Interbank Card Center.

Contactless Solutions For TROY Card Users

Although TROY has only been around since May 2017, the growth is spectacular. Moreover, the Interbank Card Center has a bullish outlook for future adoption of this payment method. They predict 40 million cards will be used by 2022. All of these cards may very well be equipped with mobile contactless payment technology. It remains to be seen how consumers and retailers will respond to this new form of payment in the coming months and years.

BKM Executive Vice President Cenk Temiz comments:

“First and foremost, the global move toward digitalization, which is transforming everyday life, will drive the future of payments as well. Digitalization will be the engine for the growth in payments especially for local schemes. Contactless and mobile could be the first steps. Mobile is especially critical as it offers them the opportunity to differentiate themselves by offering value-added non-card services.”

Turkey is home to an increasing number of mobile payments. Especially in the online retail department, things have progressed nicely. This trend may indicate consumers are willing to experiment with new payment technology. Going the contactless route makes a lot of sense in this regard. As is the case all over the world, it will only apply to small transaction amounts. Mobile contactless payments are not the most secure solution on the market right now How all of this will affect TROY, remains to be determined.

Header image courtesy of Shutterstock

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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