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Closed-Loop Payments
Is Starbucks really selling coffee, or building an ecosystem? Prepaid balances, a loyalty program and customer data turn a coffee chain's payments into a closed-loop economy, a very different model from Istanbulkart.
Credit Card
EMV chip cards contain a small, powerful microprocessor that provides enhanced security, faster transactions, and support for loyalty programs. VSDC is Visa's chip-based solution; M/Chip-Lite is Mastercard's low-cost equivalent for banks starting their chip migration.
Credit Card
BKM Online is the web-based electronic system that enables communication and information sharing between BKM and its members, including documents, reports, services and work calendars, according to user permissions.
Credit Card
CPV stands for Card Personalization Validation. It is Mastercard's term for the set of recommendations and instructions defined for the card personalization process. The equivalent for Visa is called GPR (Global Personalization Requirements).
Security
It is an organization aimed at developing, managing, teaching, and raising awareness of security standards in the Card Payments Industry. The PCI Security Standards Council is also an open global forum for data security standards.
Laws & Regulations
No. Bitcoin is not issued by any public or private institution and has no guaranteed backing, so it is not considered electronic money under Law No. 6493 and cannot be supervised under that Law.
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.
Payment Systems
As part of the first-phase work of the Digital Turkish Lira Project led by the Central Bank of the Republic of Turkey (CBRT), the first payments on the Digital Turkish Lira Network were successfully carried out. The CBRT will continue its closed-loop pilot tests in the first quarter of 2023.
Security
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
HSM & Security
Non-face-to-face transactions in which the cardholder authorizes the merchant to store card data, and the merchant uses that stored data to carry out the transaction, are called Credential-on-File (CoF) transactions.
Credit Card
Banks must go through a costly, arduous process to issue cards (issuer) and accept cards (acquirer), paying high entry fees to international license providers and local organizations such as BKM.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?