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FAST
Current information: this post describes the limit as it stood when published. The CBRT's press release No. 2022-13 of 14 February 2022 announced a higher FAST limit and FAST payments in shopping through TR QR Code.
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).
FAST
The CBRT has raised the FAST transaction amount limits. As of 4 April 2024, the limit is 100 thousand TL for money transfers and 250 thousand TL for merchant payments made with the FAST-TR QR code.
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.
Contactless
A TR Karekod transaction is a payment carried out using a QR code generated according to the procedures and principles in the regulation on the generation and use of the TR Karekod in payment services.
Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Merchant & POS
The Merchant Registry System is the system at BKM that holds information on merchants accepting electronic payments, set up to simplify TR QR Code payment processes and prevent fraud and misuse in payments.
Payment Systems
The Central Bank has published a guide setting out the detailed technical principles and rules for using TR Karekod in card payment transactions, based on the TR Karekod Regulation and the TR Karekod Principles and Rules.
FAST
The upper limit for FAST transactions, which enable fast money transfers between banks, was raised to 50,000 TL per transaction as of 21 December 2023.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).