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
Payment Systems
Payment systems need laws and regulations to be managed according to set standards. BKM, a reference point for payment systems in Türkiye, lists the relevant laws and regulations on its website.
Payment Systems
Cards are delivered to customers by courier, and at several points along that chain a card could theoretically be intercepted. To prevent misuse before delivery, banks print new and Lost/Stolen replacement cards as Temporarily Blocked, activating them only once the customer receives them.
Payment Systems
You can access the regulations on the Bank Cards and Credit Cards Law on the BRSA website. The regulations are updated as new ones are introduced.
Payment Systems
The BRSA has introduced a regulation to reduce paper use in POS devices. Cardholders who do not want a paper receipt for card purchases will be able to receive and store it digitally, with the rules taking effect in September and December 2023.
Payment Systems
You can find the regulations under Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions on the BRSA website. They are updated as new regulations are introduced.
Credit Card
The customer's name and surname printed on credit and debit cards is called the emboss name. But can the name be printed on a card without any limit? There is a defined field for all information printed on a card, and these fields have specific standards.
Payment Systems
The limit for FAST transactions, which enable interbank 24/7 instant money transfers, was raised to TRY 20,000 as of 14.02.2023. This post covers the change and its impact; the figure is historical and the limit has since been raised again.
Payment Systems
With the CBRT's regulation on payment services, electronic money issuance and payment service providers, the minimum equity amounts for bill payment, payment and electronic money institutions were raised.
Payment Systems
All electronic money institutions are authorized to issue electronic money under Law No. 6493. The payment services each one is licensed to offer are listed in the table published by the CBRT.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).
Payment Systems
All e-money institutions are authorized to issue e-money under Article 18, paragraph 2 of Law No. 6493. In addition, the payment services they are authorized to provide under Article 12 of Law No. 6493 are shown in the table below.
Payment Systems
The BRSA has published a draft amendment to the regulation on remote identification methods used by banks and electronic contract relationships. It extends remote onboarding to legal entities, including MERSIS-based verification of representatives.