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Merchant & POS
Whether a card is required for a pre-authorization transaction depends on the type of POS used. On a physical POS, the card must be swiped or inserted to start the transaction. On a virtual POS, entering the card details manually is enough.
Payment System Institutions
These are credit institutions providing financing to individuals and companies for purchasing goods and services. Financing companies specialize mainly in vehicle loans, offering fast and flexible point-of-sale solutions distinct from banks.
Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
Payment Systems
After Russia invaded Ukraine, Visa and Mastercard suspended services for sanctioned Russian banks. This post explains the impact on cardholders and merchants, and Russia's MIR and UnionPay alternatives.
HCE
Tokenization generates secure data from a credit card number, using specific algorithms, for use during authorization. In CNP transactions, it removes the risk of storing or compromising the original card number.
Credit Card
This communiqué sets the rules for managing information systems used in bank card and credit card transactions. Card scheme operators, issuers, acquirers, merchants and outsourced service providers are all within its scope.
Merchant & POS
The EU Payment Services Directive 2 (PSD2) is the EU's payment services law. ÖDED translated it into Turkish, creating an important handbook for anyone wanting to invest or work in this area.
Security
Access Security Control (ACS) is the security protocol that the card-issuing bank must maintain under the 3-D Secure protocol to support cardholder authentication. 3-D Secure is an XML-based protocol that adds an extra security layer to online card payments.
ISO 8583
F35 TRACK-2 DATA: The values printed to the card's Track 2 data in ISO 7813 format, including field separators and start/end sentinels, but excluding LRC (Longitudinal Redundancy Check) characters. It is 37 characters long.
Credit Card
The launch of the Apple Card made headlines, with Apple Pay expected to roll out in 40 more countries. Turkey was among the countries still waiting. Apple's June 26, 2019 announcement left us waiting for the next update.
Credit Card
The service code is information printed on a card's Track 1 and Track 2 data, covering card type, PIN usage, and domestic/international usage status. It is kept at the product level in bank systems.
Credit Card
The number of installments allowed varies for personal and corporate cards. A regulation by the Banking Regulation and Supervision Agency (BRSA), published in Official Gazette No. 30510 on 15.08.2018, set the installment limits that apply today.