Banks in Turkey are experiencing a surge in demand for the local payment system, with Turkish citizens increasingly canceling their Visa and Mastercards as part of a nationwide boycott of companies or nations that support Israel. According to a report by local daily Yeni Safak, the Istanbul-based Interbank Card Center founded Troy, the country’s domestic payment system, in 2015, and banks are now struggling to cope with the unprecedented demand for Troy cards.
The shift to the local payment system is a form of protest against the financial support provided by Western countries to Israel amid the deadly hostilities between Israel and militant groups in Gaza. This has resulted in a social media campaign with the hashtag #TroyKartaGeçiyoruz (#WeGoToTroyKarta), urging Turks to switch to locally issued cards. The hashtag has garnered over 100,000 posts in support within recent days, and nearly 19 million new Troy cards have been issued since the launch of the campaign against Visa and Mastercard.
Troy, Turkey’s only domestic payment card, officially launched in April 2016. The system offers various financial services, including the issuance of credit cards, debit cards, and prepaid cards as well as network processing. Since 2017, Troy cards have been accepted in the US on the Discover Card network.
In addition to the shift to the local payment system, earlier this week, the Turkish parliament removed Coca-Cola and Nestle products from restaurants within the parliament campus over their alleged support for Israel. This move is part of the broader boycott aimed at companies with ties to Israel.
These developments reflect the public’s growing displeasure with companies or nations that support Israel amid the conflict with Gaza. The rise of social media campaigns, such as the #TroyKartaGeçiyoruz hashtag, signifies a wider movement among Turkish citizens to demonstrate their opposition to these entities. Additionally, increased demand for Troy cards and the decision to remove certain products from the Turkish parliament campus are tangible indications of the public’s stance on the issue.
As the situation continues to unfold, it remains to be seen how these actions will impact both domestic and international businesses, as well as the broader economic implications of the ongoing boycott. For more stories on the economy and finance, visit RT’s business section.