Troy: partnership between local banks and new technologies

Troy offers card payments for the citizens of Turkey and is a result of the nation’s continuous drive towards innovative FinTech solutions for online and onsite businesses. This can be felt throughout many industries and have found all sorts of applications including online payments for games. Casinos looking to win the trust of the growing player base in Turkey must go through Troy and its commanding presence as a lead payment system in the country.

In addition to being a network for card payments, it also supports mobile and other contactless payment methods, which are particularly appealing to the younger demographic. Turkey's payment methods are based on bridging the gap between people and the online world, even helping online casino payments become a localized experience for a broader range of age demographics. This review on Troy will go through the features and benefits that both customers and benefits can enjoy.

Why to use Troy?

Built through a partnership between multiple banks based in Turkey and the Central Bank of the country itself, this payment system has been one of the many projects focused on improving cashless payments in the country. Transactions were first done in April 2016 with the first physical cards issued in 2017. Services are mainly focused on the Turkish audience with the Turkish Lira being the only currency supported without a payment gateway being involved.

Its main products for card payments are Credit, Debit, and Prepaid Cards that are labeled under the Troy network. Aside from being compatible with local banks in the country, it can also be used with any bank or POS system connected with Discover or Diners Club. Although by itself it does not serve as a payment solution for iGaming, creating a checkout page with support for Troy cards can be a great way of attracting Turkish players.

In terms of reach, Troy cards for online casino payments are issued by numerous banks and e-money businesses. All of these are based domestically with a comprehensive list available on the official website of the service. Obtaining a payment card is a relatively simple process that ultimately depends on the bank issuing the card. Troy is basically a local analogue to Visa and Mastercard and shares the same functions. 

Other aspects that are dependent on the bank include usage fees for customers and businesses so make sure to check out the local bank’s fee structure for credit and debit cards.

Why use it as a business owner?

One key aspect of online business is creating a localized and branded experience that customers can come back to and trust. Whether expressed through the user experience or branding elements like logos and checkout pages, building a positive reputation attracts repeat players who make more online payments for games. Card payments are common as a payment solution for iGaming in Turkey and its growing online gaming market is primed for new opportunities.

An online casino basing itself in Turkey should focus on offering trusted payment method choices, like those that have established themselves. Card payments through the card system are secured to a high degree as the main shareholder in this service is the Central Bank of the country itself. It gives a sense of legitimacy to its issued cards and gives it the capability to compete and collaborate with internationally used financial networks like Diners Club and Discover Networks.

In terms of usage statistics, reports from last year have listed 55 member institutions accepting Troy cards. Nearly all domestic storefronts, POS Systems, and e-commerce websites operating within the country accept transactions from the network as well. All of this has resulted in a massive resurgence this 2023 with shopping volume marked at 239.2 billion Turkish Lira.

Advantages

●Among main: 

• Easy usage for mobile payments;
• Localized experience with online casino payments;
• Secured payment solution for iGaming accounts.

The younger generation has been a big reason for the increasing usage of contactless payment including card payments and its alternatives. This payment method has been notable in introducing other alternative modes of payment like QR Codes through their TR Karekod product. Security has also been improved for these through its SMS Confirmation system known as GO – Güvenli Öde. After clicking the checkout button, an SMS message is sent with a single-use verification code that helps cut down on fraudulent transactions and scam attempts.

The cards offered by the service do not slack on security either as it employs data encryption standards and chip technologies that generate a dynamic layer of defense to protect from card copying. All of these security features are required for their issued cards to be compatible with ATMS and other terminals abroad.

Disadvantages

●    Some cons of payment system: 

• Focus is mainly centered on Turkish audiences;
• Usage and Transmission fees are dependent on the issuing bank.

Acting less as a payment processor and more as a financial institution, any fees for card payments are determined by the bank that issued the user’s card. Another set of disadvantages involves the lack of international banks partnered with the card network due to its focus on domestic audiences. Casinos accepting online payments for games will have to rely on other payment method options to service other countries, leading to greater expenses due to the fees of multiple payment methods.

Conclusion

Troy markets itself as a payment method for the domestic audience and manages to deliver its promises thanks to its expansive reach within the country. New features for contactless payments are still being released and support is guaranteed for the long term thanks to its shareholders. It is a capable choice for online payments for games and is widely trusted by domestic players with all local banks issuing its payment card for both individual and commercial use.

Finding the right payment solution for iGaming is important as too many choices can overwhelm players who just want to load up their accounts. Turkey's payment methods are numerous and innovative, but it is still important to know the best ways to make use of it. Monoup offers professional consultations to help tackle the problem of making the best user experience with effective payment routing solutions. Consult with us through our official website and check out our Mono Talks section for more information.