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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
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
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).
Payment Systems
Contactless payment has greatly improved the user experience, yet its fixed transaction limit is a common complaint. Can this limit be managed dynamically per customer? This post covers the current situation, technical and regulatory requirements and the outlook.
Laws & Regulations
The Visa Core Rules and Visa Product and Service Rules documents define the fundamental rules that apply to all institutions in the Visa network. They are updated regularly, and all members are expected to follow the latest version.
FAST
The limit in FAST, the CBRT's new instant payment system launched on 8 January, started at 50 TL. It was raised to 250 TL on 14 January and 500 TL on 21 January, and will be raised to 1,000 TL on 28 January.
Payment Systems
Digitalization keeps changing the speed and shape of payments. AI-based payment agents pay on their own within user-defined limits and rules, completing transactions without the user initiating any action. This post explains how they work and what to watch for.
Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
Laws & Regulations
This communiqué regulates the procedures and principles for the information systems used in running payment and securities settlement systems, from information security to business continuity.
Payment Institutions & E-Money
The Central Bank (CBRT) approved the Crowdfunding System Activity of the Central Registry Agency (MKK) as one of its other activities. Here is the Official Gazette decision and what Article 17 of the regulation says.
General
Who will win in Agentic Commerce? Owning the customer used to be a huge advantage. Once an agent starts deciding on the customer's behalf, where does the real power move to?
Closed-Loop Payments
In the final post of the closed-loop payments series, the common question behind cards, QR payments, and prepaid balances comes into focus: who manages the customer relationship, and whose ecosystem does the customer stay in?