Troy

What Troy does

TROY is Turkey's national card payment scheme, operated by Bankalararası Kart Merkezi (BKM), a joint-stock company owned by Turkey's leading public and private banks with the Central Bank of the Republic of Turkey (CBRT) as the majority shareholder. The scheme provides a unified payment infrastructure encompassing credit cards, debit cards, and prepaid cards, distributed through 32 member banks and electronic money institutions — including Akbank, Garanti, İş Bankası, Halkbank, Ziraat Bank, QNB Finansbank, Papara, Turkcell, and Vodafone. TROY serves individual consumers, corporate clients, transit passengers, and member financial institutions across Turkey. The strategic premise is to retain card payment transaction fees and commissions domestically rather than routing them to foreign payment networks.

TROY's technology stack spans EMV chip-based transactions, contactless NFC payments, mobile wallets via Host Card Emulation (HCE) on Android devices, NFC-enabled wearable payments, a national QR code standard (TR Karekod), the GO Güvenli Öde 3-D Secure authentication service for e-commerce, and the BKM Ulaşım open-loop transit payment infrastructure deployed across at least 13 Turkish cities (Kayseri, Gaziantep, Manisa, Muğla, Çanakkale, Uşak, Nevşehir, Kahramanmaraş, Niğde, Sivas, Tokat, Adana, Antalya). Together these cover physical card, mobile, wearable, QR, and transit use cases through a single national scheme. The company is headquartered in Istanbul (Etiler, Beşiktaş).

TROY's revenue model relies on interchange fees collected on each TROY-branded transaction and scheme/participation fees charged to member banks and electronic money institutions; end consumers do not pay TROY directly. TROY is privately held, operates exclusively within Turkey, has no public ticker, no external funding rounds, and no disclosed financial metrics.

Name

Troy

Legal name

Bankalararası Kart Merkezi Anonim Şirketi

Website

https://troyodeme.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

TROY is Turkey's national card payment scheme operated by BKM, providing credit, debit, and prepaid card infrastructure through 32 member banks and electronic money institutions, with contactless, mobile, QR, wearable, and open-loop transit payment capabilities nationwide.

Ownership category

akta.pro rank

Product category

National Card Payment Scheme

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

General-Purpose Credit Card Schemes (FSAMAAAA)

akta.pro secondary industries

Tokenization & Secure Payment Vaults (Card-on-File) (FSAMACAC), Transit & Mobility Fare Cards (Stored Value) (FSAMANAG)

Keywords

• National card payment scheme
• Contactless payment infrastructure
• Open-loop transit payments
• EMV chip card technology
• Secure e-commerce authentication

Headquarters

HQ city

Etiler

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Interchange and Transaction Fees: TROY earns revenue from interchange fees collected on each transaction made with TROY-branded cards. As the national card scheme, TROY facilitates transactions between card-issuing banks and merchant-acquiring banks, earning a percentage of each transaction value.
2. Card Scheme Fees: Fees charged to member banks and electronic money institutions for participation in the TROY network, including licensing, processing, and infrastructure access fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

TROY is Turkey's national card payment scheme, operated by Bankalararası Kart Merkezi (BKM), issuing EMV-based credit, debit, and prepaid cards through member banks and electronic money institutions. The scheme supports multiple payment modalities including contactless (NFC), mobile (HCE), QR code (TR Karekod), wearable, and open-loop transit payments, along with 3-D Secure online authentication. TROY-branded cards are accepted at all POS terminals, ATMs, and online merchants across Turkey.

Product overview

TROY (Türkiye'nin Ödeme Yöntemi — Turkey's Payment Method) is Turkey's national card payment scheme and brand, operated by the Bankalararası Kart Merkezi (BKM). TROY provides a unified payment infrastructure encompassing three core card products — Credit Card, Debit Card, and Prepaid Card — offered to both personal and commercial segments through member banks and electronic money institutions. These cards are powered by a suite of technological solutions: GO Güvenli Öde (secure 3-D Secure online authentication), Contactless Payment (NFC tap-to-pay), Mobile Contactless Payment (HCE-based mobile wallet integration on Android), TR Karekod ile Ödeme (national QR code payment), Giyilebilir Teknolojiler ile Ödeme (NFC wearable payments), and the BKM Ulaşım Platformu (national contactless transit payment infrastructure). Together, the card portfolio and technology solutions form a cohesive national payment ecosystem serving consumers, businesses, transit operators, and financial institutions across Turkey.

Differentiator

Problem solved

Functional benefit

Products and services

• TROY Credit Card TROY-branded credit card issued by member banks and electronic money institutions for personal and commercial use, enabling purchases within bank-set limits, cash withdrawals, and secure online/mobile payments with installment, campaign, and reward benefits.
• TROY Debit Card TROY-branded debit card linked directly to a bank account, offered by member banks for personal and commercial use, enabling instant payments, contactless transactions, ATM cash withdrawals, and secure online/mobile payments.
• TROY Prepaid Card TROY-branded prepaid card issued by member banks and electronic money institutions, loadable with a specific balance for POS and e-commerce purchases, with ATM cash withdrawal capability within legal limits and secure payment infrastructure.
• GO Güvenli Öde (GO Secure Pay) Free 3-D Secure online authentication service for TROY-branded cards developed by BKM; adds an extra verification layer via one-time SMS password or mobile banking app approval for e-commerce transactions, reducing fraud and improving transaction approval rates.
• TR Karekod ile Ödeme (QR Code Payments) QR code-based payment solution using the national TR Karekod standard; enables card-free payment and cash withdrawal by scanning QR codes displayed on ATMs and POS devices via a mobile banking app.
• BKM Ulaşım Platformu (BKM Transportation Platform) National open-loop transit payment infrastructure operated by BKM enabling contactless fare payments on urban public transportation using TROY-branded contactless cards, mobile wallets, and digital payment tools, serving multiple Turkish cities including Kayseri, Gaziantep, Manisa, Muğla, Çanakkale, Uşak, Nevşehir, Kahramanmaraş, Niğde, Sivas, Tokat, Adana, and Antalya.
• Giyilebilir Teknolojiler ile Ödeme (Wearable Payments) Contactless payment solution pairing TROY cards with NFC-enabled wearable devices (smartwatches, rings, wristbands) for card-free, phone-free payments at POS terminals.
• Mobile Contactless Payment (Mobil Temassız Ödeme) Mobile contactless payment via NFC-enabled Android devices using Host Card Emulation (HCE) technology, allowing TROY card registration in mobile wallets for card-free POS payments.

Quantifiable outcome

• Commission fees from card transactions are kept within Turkey, directly contributing to the national economy
• +1 more outcomes

Named customers21 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core and major.

• Bankalararası Kart Merkezi (BKM)coreOthersBKM is the operator and owner of TROY. It is a joint venture of Turkey's leading public and private banks with the Central Bank of the Republic of Turkey (CBRT) as the majority shareholder. BKM develops and manages the TROY payment infrastructure.
• Akbank T.A.Ş.coreChannel Partner/ Reseller/ DistributorMajor Turkish bank issuing TROY-branded credit cards, debit cards, and prepaid cards to individual and commercial customers. Supports mobile contactless payments via HCE.
• Türkiye İş Bankası A.Ş.coreChannel Partner/ Reseller/ DistributorLeading Turkish bank issuing TROY-branded cards. Supports mobile contactless payments via HCE technology on Android devices.
• Türkiye Garanti Bankası A.Ş.coreChannel Partner/ Reseller/ DistributorMajor Turkish bank issuing TROY-branded credit and debit cards with full support for contactless payments and mobile wallet integration.
• Türkiye Halk Bankası A.Ş.coreChannel Partner/ Reseller/ DistributorState-owned bank issuing TROY-branded cards. Supports mobile contactless payments via HCE integration.
• Türkiye Ziraat Bankası A.Ş.coreChannel Partner/ Reseller/ DistributorTurkey's largest state-owned bank issuing TROY-branded credit and debit cards. Supports mobile contactless payments.
• Yapı ve Kredi Bankası A.Ş.coreChannel Partner/ Reseller/ DistributorMajor private bank issuing TROY-branded cards with full contactless and mobile payment support.
• QNB Finansbank A.Ş.coreChannel Partner/ Reseller/ DistributorQNB Group subsidiary bank issuing TROY-branded cards. Supports mobile contactless payments.
• Papara Elektronik Para ve Ödeme Hizmetleri A.Ş.majorChannel Partner/ Reseller/ DistributorLeading electronic money institution issuing TROY-branded prepaid cards for individual and commercial use.
• Turkcell Ödeme ve Elektronik Para Hizmetleri A.Ş.majorChannel Partner/ Reseller/ DistributorTelecom-based electronic money institution issuing TROY-branded prepaid cards. Supports mobile contactless payments via HCE.
• Turkish AirlinesmajorGTM or Marketing PartnerNational airline carrier running TROY promotional campaigns offering TK Miles rewards and up to 500 TL discounts on flight ticket purchases made with TROY cards.
• Turkish Municipalities (Transit)majorStrategic or Co-development PartnerMunicipal governments across Turkey partner with BKM for the Ulaşım Platform enabling contactless transit payments. Cities include Kayseri, Gaziantep, Manisa, Muğla, Nevşehir, Kahramanmaraş, Adana, Antalya, and others.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• JCB: Japan-headquartered international card payment scheme. Comparable to TROY as a regionally-rooted card network competing for issuer and merchant relationships against Visa/Mastercard with technology offerings including contactless and mobile.
• Mastercard: Global card payment network and TROY's primary direct competitor in Türkiye. Mastercard operates a comparable four-party scheme model (issuers, acquirers, network, cardholders) and is widely co-branded on Turkish cards alongside TROY.
• Visa: Global card payment network operating the most widely accepted card scheme worldwide. TROY competes directly with Visa for domestic Turkish transaction volume, replicating its core model of licensing card issuance and capturing interchange.
• RuPay (NPCI): India's national card payment scheme operated by the National Payments Corporation of India. Highly comparable to TROY as a domestically developed scheme with sovereign backing, focused on reducing dependence on international card networks.
• UnionPay: China's national card payment scheme, the closest analog to TROY as a sovereign-backed domestic alternative to Visa/Mastercard. Demonstrates how a national scheme can scale domestic share and expand acceptance beyond its home market.

Broad incumbents

• PayPal: Global digital payments platform operating across online, in-store, and mobile. Relevant as an alternative payments incumbent whose wallet and tokenization capabilities compete with TROY's GO Güvenli Öde and mobile contactless offerings for consumer payment attention.
• Discover: U.S.-based card network and direct bank offering a four-party scheme plus proprietary card products. Comparable as a card-network incumbent with diversified technology stack relevant to TROY's positioning.
• American Express: Global card network and payments company with closed-loop and third-party issuing capabilities. Operates as a broader incumbent in the card payments space with overlapping technology (contactless, mobile, tokenization) and competes for premium cardholder relationships in Türkiye.

Emerging players

• Apple Pay: NFC-based mobile wallet from Apple with strong consumer adoption globally. Directly competes with TROY's mobile contactless offering; TROY's current Android-only HCE support creates a coverage gap that Apple Pay could exploit among iPhone users in Türkiye.
• Google Pay: Google's mobile and online payments wallet leveraging HCE on Android. Directly overlaps with TROY's mobile contactless stack and competes for tokenized card-on-file and in-store payment volume on Android devices in Türkiye.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/troyodem
• Facebookfacebook.com/TROYOdeme
• LinkedInlinkedin.com/company/shopeepay

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Troy