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Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Merchant & POS
Card storage is a system, secured with PCI DSS certification, for storing credit and debit card details safely. It saves consumers from entering their card details again and again on frequent purchases.
Payment Systems
One of the most notable recent developments in card payments is that contactless limits are no longer fixed and can be managed dynamically per customer. Mastercard and Visa are taking different but complementary approaches, and ISO 8583 may need to evolve with them.
Debit Card
Some banks offer their customers a debit card product backed by an individual or corporate credit facility. How do these products work? First, these cards are printed as unembossed (no-name) cards and delivered by courier to branch staff. A credit application…
Payment Systems
NFC is a data transfer technology developed by Sony and Philips in late 2002 and adopted as an ISO/IEC standard in 2003. ISO/IEC 18092/ECMA-340 (NFCIP-1) is one of the two globally accepted NFC standards.
Merchant & POS
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.
Credit Card
The payment card industry is arguably the sector most affected by technology and the quickest to adapt new developments. With mobile devices, payment systems have changed a lot - we now prefer using our credit cards virtually rather than physically.
Laws & Regulations
A card scheme organization establishes a debit, credit or prepaid card system and authorizes entities to issue cards or sign merchant agreements. Troy, Visa, Mastercard, American Express, JCB and MIR are examples. This post explains how ATM and POS certification works.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
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.
Credit Card
ISO/IEC 7812 is a standard that primarily describes the card numbering system and the application and registration procedures. Identification cards, in physical or digital form, are an integral part of operations in many industries.
Credit Card
Card security is critical in card payment systems. Chip&Pin curbed much fraud, but gaps remain. Cornercard, Gemalto and Visa launched Switzerland's first credit card with a built-in fingerprint reader. Here is how it works.