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Payment Systems
Open banking means sharing financial data with third parties securely, and Payment Services Data Sharing Services (OHVPS) are the two core payment services under it. This post explains both and where to find the participant list on the BKM website.
Payment Systems
After switching to response code 70 for contactless limit-exceeded cases, we found that some overseas POS devices and acquirers did not handle it as expected. This post covers why the problem lies in the ecosystem and how to address it.
E-commerce
A marketplace is an online payment platform where buyers and sellers come together, where products and services are listed for sale, and other operations are facilitated.
Payment System Institutions
One of the most important transformations in banking over the last few years has undoubtedly been remote customer onboarding. Individuals can now become bank customers within minutes without visiting a branch. Digital identity checks and contracts largely solved a long-standing problem...
Payment Systems
Digital Account Checking underpins many innovative banking and FinTech services. In most cases, it is performed by Account Information Service Providers, which supply data from customers' online bank accounts to other banks and third-party providers.
Merchant & POS
The Personal Data Protection Law was adopted by the Grand National Assembly of Turkey on 24/03/2016 and published in Official Gazette No. 29677 on 07/04/2016. It protects individuals' rights in the processing of personal data and sets the rules that data controllers must follow.
Merchant & POS
CAVV and AAV are verification codes used in 3D Secure transactions to ensure transaction integrity and security. CAVV is used by Visa, while AAV is used by Mastercard.
Merchant & POS
In payment systems, exchange rate information is used in two places: POS devices that support foreign currency transactions, and credit card transactions made in a foreign currency (usually abroad).
Merchant & POS
Multicurrency POS refers to POS devices that can process transactions in foreign currencies (USD, EUR, GBP, etc.) in addition to Turkish Lira. Merchants using a MultiCurrency POS can process transactions in different currencies for international cardholders.
Credit Card
Although card usage today is shifting from physical use toward virtual use, physical card production, personalization, and printing remain vital steps in card manufacturing. Here are the companies that produce and personalize cards in Turkey.
Merchant & POS
According to the third Card Spending Analysis by TOBB and Visa, average monthly card spending in Turkey in the first quarter of 2022 rose 85 percent year on year, driven by e-commerce, debit cards, and contactless payments.
Merchant & POS
In EMV-based debit card transactions, PIN verification is decisive for both security and liability. What happens when a card that only supports online PIN is sent to the issuer without a PIN, and the issuer approves it? Who owns the risk?