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Payment Systems
No, they cannot use your entire card limit. In addition to special controls for contactless cards, contactless-enabled cards have limited payment amounts.
Merchant & POS
BKM (Interbank Card Center) shared 2018 developments in card payments and the cashless society goal in Turkey. The data shows card payments becoming a bigger part of daily life every year.
ISO 8583
F14 - DATE, EXPIRATION DATE: the expiration date printed on the card by the issuing bank, a 4-digit numeric value in YYMM format. See how it's checked and why the YYMM order matters.
HSM & Security
ZPK, also known as the PIN Protection Key, is a data encryption key that is distributed automatically and used to encrypt PINs. It is also referred to as the 'Working Key'. This key allows PIN information to be carried securely across the network.
Credit Card
The PIN Try Counter is a value stored on the card's chip showing the number of remaining offline PIN attempts. Each incorrect offline PIN entry decreases it by 1, and it resets when the correct PIN is entered.
Credit Card
Payment systems are changing fast, and new players are emerging. The Advantage Card, the first installment credit card in Turkey and Europe, did not come from a bank, which holds lessons for today's fintech entrepreneurs.
Merchant & POS
In Turkey, there are 3 payment schemes we are used to seeing: MasterCard, Visa, and Troy. American Express and Diners Club are also used, though less widely. Russia's Central Bank recently said two Turkish banks are preparing to accept Mir cards.
Credit Card
Installment payment means dividing a product's price into a set number of equal amounts. For example, if a 100 TL product is bought in 5 installments, the cardholder pays 20 TL a month for 5 months, totaling 100 TL.
ATM
Cash overage and cash shortage are terms used in any system that operates with a cash account. A cash overage means more money is physically present than the ledger indicates; a cash shortage means less. In payment systems, these terms are most often used for ATMs.
Online & Authorization
A reference guide to authorization response codes seen on POS and ATM transactions, with plain-language explanations of what each code means and what to do about it.
Clearing
Clearing: the transmission of transfer orders sent to the system, mediating their mutual delivery, obtaining authorization prior to settlement in some systems, and netting payment orders.
EMV
An EMV Issuer Script is a system that lets the issuer (the institution that issues the card) update and change the parameters and values on the card chip while it remains in use, reducing fraud over the card's lifetime.