Author
Payment systems expert and technology executive
Arif Ünal is a technology executive with more than 20 years of experience in banking, fintech and payment systems. He writes about card payments (issuing and acquiring), POS, ATM, e-money, FAST and Turkish payments regulation (BRSA and CBRT). He has held senior roles at Finagotech and managed payment systems and digital banking teams at Emlak Katılım, Vakıf Katılım and Türkiye Finans. He holds a B.Sc. in Industrial Engineering from Istanbul University and an M.Sc. in Management Information Systems from Marmara University.
976 articles
Clearing
YTH stands for Yurtiçi Takas Hesaplaşma (Domestic Clearing and Settlement), the general name of the clearing system managed by BKM. In the clearing system, prefix values are held in fields F32, F93, F94 and F100.
E-commerce
The E-Marketplace Platforms Sector Inquiry Preliminary Report, published by the Turkish Competition Board, is very valuable for understanding the development and current state of e-commerce.
Contactless
The no-PIN limit for contactless payments has been raised from 250 TL to 350 TL. Contactless payments up to 350 TL can be made without a PIN; above that, they are made contactless with a PIN.
Payment Systems
In card payment transactions made via a physical POS device, entering the card's PIN keeps the transaction secure, while in virtual POS transactions, security is provided through the 3D Secure flow. Are 3D Secure payment methods standardized? There are 3 different 3D Secure models.
Cryptocurrency
HODL is a term Bitcoin users hear often. It has no dictionary meaning in English or Turkish; it means buying a cryptocurrency and holding it. The term was born from a typo of “hold” on a Bitcoin forum years ago.
Payment System Institutions
MASAK General Communiqué No. 19, which sets the procedures and principles for remote identity verification methods used to verify customer identity, was published in the Official Gazette on 30 April 2021.
Cryptocurrency
Bitcoin has a concept similar to the subunits of fiat currencies: the satoshi. It is the smallest unit of Bitcoin, defined as one hundred-millionth of a Bitcoin (0.00000001 BTC), and it is named after Satoshi Nakamoto.
Cryptocurrency
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Cryptocurrency
Bitcoin is a digital currency launched experimentally in 2009 by Satoshi Nakamoto. It has no ties to any central bank, can be bought and sold with national currencies and can be transferred without any intermediary.
Payment Systems
MASAK has published a report on the money laundering and terrorist financing risks of obliged parties that are not financial institutions under Law No. 5549.
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
Cryptocurrency
Mining is the production of cryptocurrency through hardware and software, as well as the recording and confirmation of cryptocurrency transfers. Because block difficulty rises with each new unit, mining requires very powerful processors.