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Credit Card
The Payment Card Industry Data Security Standard (PCI DSS) is a technical and operational standard created by the PCI Committee, formed by internationally recognized payment brands, to ensure data security in card payment systems.
Merchant & POS
It's important to first distinguish between magnetic-stripe and fallback transactions. A magnetic-stripe transaction skips the chip entirely, which lowers its security level compared to a fallback transaction.
Laws & Regulations
No. Under Law No. 6493, a payment system is a structure completely different from a payment institution and requires CBRT permission. Using such a name without permission can lead to criminal penalties.
Laws & Regulations
The purpose of this Law is to protect competition by preventing agreements, decisions and practices that restrict competition in goods and services markets, and the abuse of dominance by dominant undertakings.
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.
Merchant & POS
A surcharge is a fee, charge, or tax added to the cost of a good or service. In payment systems, it refers to adding the merchant's transaction commission to the cash sale amount on credit card transactions, resulting in a higher charge.
Security
With Chip&Pin technology, card PINs and chip-based transactions became widespread. As online shopping grew, strengthening the security of these transactions became a necessity, and OTP began providing that transaction security.
FAST
Current information: This post describes the limit in effect at the time of publication. The FAST transaction limit, introduced in January, was raised periodically and reached 1,000 TL as of January 29. See the newer post for the current FAST limit.
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.
Credit Card
SAFE, short for System to Avoid Fraud Effectively, refers to fraud records created by issuing banks. Fraud records sent in the Mastercard clearing format fall under the SAFE category.
ATM
Suppose you are a newly established bank, wanting to offer customers all your products and services. Of course, this is not easy. First, the Bank's OnUs transaction processing step must run successfully before other banks' cards can be accepted at the ATMs.
Merchant & POS
Partial authorization lets an issuer approve part of the requested amount when the card lacks the full balance, with the rest paid another way. This post covers the technical, receipt, clearing, reconciliation, merchant and certification requirements for acquirers.