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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.
Payment Institutions & E-Money
The CBRT published its Communique on the Redetermination of the Minimum Equity Amounts of Payment and E-Money Institutions in the Official Gazette. The new amounts apply from 30 June 2025.
Laws & Regulations
The Central Bank of the Republic of Türkiye (CBRT) extended the compliance deadlines for digital wallets and GEÇİT. The digital wallet deadline moved from 7 October 2024 to 7 April 2025.
FAST
The CBRT has raised the FAST transaction amount limits. As of 4 April 2024, the limit is 100 thousand TL for money transfers and 250 thousand TL for merchant payments made with the FAST-TR QR code.
Payment Systems
With the CBRT's regulation on payment services, electronic money issuance and payment service providers, the minimum equity amounts for bill payment, payment and electronic money institutions were raised.
FAST
Current information: this post describes the limit as it stood when published. The CBRT's press release No. 2022-13 of 14 February 2022 announced a higher FAST limit and FAST payments in shopping through TR QR Code.
FAST
The FAST system went live at 20 banks on 8 January, and its transaction limit was set at 500 TL on 21 January, rising to 1,000 TL from 28 January. Here are the criteria a transfer must meet to be processed through FAST.
FAST
To offer the Easy Address service, an institution needs approval from the Central Bank of the Republic of Türkiye (CBRT), documented eligibility to participate in FAST or EFT, and completed administrative and technical processes with BKM.
Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.
Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Online & Authorization
You press the pay button and the screen says the transaction failed. Behind that failure are checks on your balance and transaction security. This post explains how funds confirmation APIs work, where they apply, and the situation in Turkey's open banking.
Payment Systems
Open banking means sharing financial data with third parties securely, and Payment Services Data Sharing Services (OHVPS) are the two core payment services under it. This post explains both and where to find the participant list on the BKM website.