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Payment Systems
Every payment transaction completes in seconds, yet dozens of controls run behind the scenes. This post covers the precautions for authorization and clearing, the critical role of reversals, and the financial loss scenarios most often seen in the field.
Payment Systems
Official Gazette No. 32332 dated 07.10.2023 published the amending Regulation and Communiqué covering digital wallets, e-money, share transfers, cloud outsourcing, remote identity verification and card system choice.
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.
Payment Systems
The BRSA has published a draft regulation amending the Regulation on Debit Cards and Credit Cards. It introduces the card scheme definition, a customer right to choose the card scheme, and an obligation for acquirers to define licensed schemes on merchant POS devices.
Payment Systems
Soft POS is a POS application that lets merchants accept payments from contactless cards or mobile wallets on Android devices, without needing a physical terminal. Companies market it under various names such as pocket POS or mobile POS.
Payment Institutions & E-Money
Under Law No. 6493, payment institutions and e-money institutions may operate only with BRSA permission. This post explains the BRSA circular on the format of the independent audit report required with operating permit applications under Article 8 of the Regulation, and where to find it.
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Payment Systems
Digital Account Checking underpins many innovative banking and FinTech services. In most cases, it is performed by Account Information Service Providers, which supply data from customers' online bank accounts to other banks and third-party providers.
Credit Card
Troy is Turkey's national payment system scheme, short for "Turkiye's Payment Method." When Troy cards first launched, they could only be used domestically. A partnership with Discover later made it possible to use Troy cards abroad as well.
Credit Card
If you can't use your card for e-commerce transactions abroad, first check that e-commerce authorization is enabled, that 3D Secure has been set up, and that your bank's authorization system is active. The issue may also originate from the merchant's bank.
HCE
The token used in HCE transactions contains more than just a new number derived from the card number. It also includes single-use keys, an expiration date, RSA keys and certificates, transaction limits, and an Application Transaction Counter (ATC).