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Laws & Regulations
This guide, aligned with the TR QR Code regulation and its annex, describes the workflows for FAST payments using merchant-presented and person-to-person QR codes and defines the related TR QR Code data organization.
Payment Institutions & E-Money
PayPal announced that it is launching payments with QR codes in 28 markets worldwide, including the USA, the UK, France, Hong Kong and Canada. Businesses can use QR codes to accept payments and consumers to shop contactlessly through the PayPal mobile app.
Merchant & POS
Today, as credit cards shift from physical to virtual use, a similar move has come from the POS side. We have begun to see mobile phones used as POS devices becoming a serious rival to physical POS terminals.
FAST
The FAST limit, which was decided on 4 August 2021 to be raised to 2,000 TL, has been raised to 2,000 TL as of today. Instant payment volumes are expected to grow further as EFT volumes decline.
FAST
Yes. The FAST system was first launched with the participation of banks in Türkiye, and integration has been completed with 21 banks. Non-bank institutions meeting the criteria, such as payment and e-money institutions, will also be able to join.
Laws & Regulations
The upper limit for FAST transactions, raised to 1,000 TL on 29 January 2021, was increased to 2,000 TL on 4 August 2021, and payment and e-money institutions began applying to join the system.
Contactless
It is important to use contactless cards to prepare our payment habits for the future. In Turkey, one in every 3 cards and one in every 4 POS terminals is contactless-enabled, yet usage remains around 5%.
Merchant & POS
Magnetic Secure Transmission (MST) is a mobile payment technology in which devices such as smartphones emit a signal that mimics the magnetic stripe on a traditional payment card, letting a physical card's POS use be imitated without upgrading terminal software or hardware.
Credit Card
Troy is Turkey's national payment system scheme, short for "Turkiye's Payment Method." When Troy cards first launched, they could only be used domestically. A partnership with Discover later made it possible to use Troy cards abroad as well.
Security
Forgery in card payments means transactions made with card details without the cardholder's knowledge, or purchases with counterfeit or stolen cards. Merchants cannot eliminate fraud and chargeback risk, but they should aim to reduce it to reasonable levels.
Payment Institutions & E-Money
Digitalization is showing itself first in banking and payment systems. The BRSA has announced it will begin issuing digital (branchless) bank licenses, opening the way for new digital banks in Turkey under an amendment to Banking Law No. 5411.
Payment Institutions & E-Money
A payment institution is a legal entity authorized under the Law to provide and execute payment services. It must be a joint stock company meeting the conditions in Article 14 of Law No. 6493. This post sets out the services listed in Article 12 and the exclusions.