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Payment System Institutions
FAST is the money transfer system announced by the Central Bank of the Republic of Türkiye in its press release of 12 November 2020 that makes 24/7 money transfers possible.
Laws & Regulations
In its press release of 12 November 2020, the Central Bank of the Republic of Türkiye announced that preparations had been completed to launch FAST, a new instant payment system.
Laws & Regulations
The CBRT announced that it has launched open banking services in payments, a component of the digital economy roadmap of its liraization strategy, through BKM's Open Banking Gateway (GEÇİT).
Payment Systems
As FAST usage keeps growing, new CBRT regulations are accelerating it further. Payment and e-money institutions will join FAST directly in 2023, and FAST Merchant Payments using the TR-QR Code will go live in the first quarter of 2023.
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.
FAST
The Central Bank of the Republic of Turkey (CBRT) has implemented a significant limit increase in the FAST system. Under the regulation effective August 26, 2026, the FAST money transfer limit was raised from TRY 100,000 to TRY 300,000. The same increase also applies to Request to Pay...
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.
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.
FAST
The FAST system went live at 20 banks on 8 January, and its transaction limit was set at 500 TL on 21 January, rising to 1,000 TL from 28 January. Here are the criteria a transfer must meet to be processed through FAST.
Merchant & POS
For a POS device to be issued to a customer, the customer must have a legal entity status, such as a sole proprietorship, commercial company, or foundation/association. POS devices cannot legally be issued to individual customers.
Merchant & POS
All banks report the POS and merchant data they allocate to customers to BKM's MIV and MPV systems, which BKM then reports. These notifications include merchant and POS location details such as address, province, and district.
Fraud
In payment systems, fraud means using someone else's credit or debit card to carry out a transaction at a merchant or ATM, gaining unfair profit and causing loss to the real cardholder, the merchant, or the bank. Fraudsters…