The Merchant Registry System refers to the system at BKM that holds information on merchants that accept electronic payments, set up to simplify the processes for payment transactions made with the TR QR Code and to prevent fraud and malicious use in the field of payments.
How the system works
When registering with the system, merchants submit their identity, trade name and account information. During payment, the merchant information generated by the QR code is matched against these records; if there is a mismatch, the transaction can be stopped.
This mechanism makes it harder for fake merchants to generate QR codes using someone else's information. It also standardizes merchant verification for payment service providers.
For merchants, registration is done once, after which they can work with different payment applications.
Who benefits from the registration process?
A registered merchant appears more trustworthy to customers. Payment apps can also verify registered merchants' information and display it to the user. This transparency deters fraud attempts.
