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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.
Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
Payment Systems
Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.
Payment Institutions & E-Money
No. When applying, you must document that the company has 1 million TL of paid-in capital, paid in cash and free of collusion. The collateral is deposited with the CBRT only if the Board grants the license.
Credit Card
The ISO/IEC 7810 standard is an international standard that defines the physical characteristics of cards (credit cards, ATM cards, ID cards, etc.) such as physical dimensions, bending, flame and chemical resistance, temperature and humidity resistance, toxicity, and flammability.
Open Banking
The Open Banking Implementation Entity (OBIE) is a body set up by the UK's CMA to design and implement Open Banking, developing standards for APIs, security and the wider ecosystem together with other stakeholders.
Payment Institutions & E-Money
How much capital is required to establish a payment institution or e-money institution? Under the second paragraph of Article 14 of Law No. 6493, minimum paid-in capital amounts are set for each institution type.
Credit Card
The effect of credit cards on inflation has been debated for years. Because I am asked about it so often, I ran a poll on arifunal.com to gather readers' views. This post weighs the positive and negative effects and compares the poll with the research findings.
Credit Card
A prepaid card is a customized card, with or without a chip, not linked to a bank account and without a credit limit like credit cards, letting you spend only the amount loaded onto it.
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.
Merchant & POS
The limit that governs the maximum amount for which an offline transaction can be made on a POS terminal is called the Floor Limit. POS parameter management programs (usually GMS) maintain 3 parameters for floor limit management.
Debit Card
A prepaid card is a customized card that is not linked to a bank account and has no credit limit like a credit card - you can spend only up to the amount loaded onto it. Prepaid cards function just like a bank card or credit card.