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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
The Transaction Success Rate (TSR) is a key performance metric measuring the percentage of attempted payment transactions that complete successfully, and a critical indicator of overall payment health.
Credit Card
If you exceed your limit by no more than 20% and close it in the next statement period, no more than twice a calendar year, only contractual interest is charged on the excess amount. You pay no additional fee.
Merchant & POS
When payment and e-money institutions were first set up, their commissions were subject to VAT, but BSMV was also debated. General Communiqué on Expenditure Taxes (Serial No: 91) settled the issue; here is how the tax base is determined.
E-commerce
Expenditure Taxes General Communiqué No. 91 ended the VAT versus BSMV debate for payment and e-money institutions. Under Article 7, e-money institutions pay BSMV on the commissions they collect.
Closed-Loop Payments
Is Starbucks really selling coffee, or building an ecosystem? Prepaid balances, a loyalty program and customer data turn a coffee chain's payments into a closed-loop economy, a very different model from Istanbulkart.
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
Credit Card
If you miss the minimum payment three times in a calendar year, your card is closed to cash use; if you miss it three times in a row, it is closed to both cash use and purchases until the full debt is paid.
Clearing
DE03/Reimbursement Attribute carries the Reimbursement Value of a transaction. BKM uses this information as the basis for calculating interchange fees and charges between member banks.
Clearing
Clearing: the transmission of transfer orders sent to the system, mediating their mutual delivery, obtaining authorization prior to settlement in some systems, and netting payment orders.
Closed-Loop Payments
Why does a coffee chain build its own loyalty program, and why does a payment app keep adding services? This post looks at how loyalty, data, and new services drive the growth of closed-loop payment systems, and at the financial layers behind that growth.
Chargeback
Compliance means adherence to card scheme rules. Outside chargebacks, it is how a bank that loses money because card payment organization rules were broken recovers that amount from the party that caused the loss.