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Laws & Regulations
The CBRT announced that it has launched open banking services in payments, a component of the digital economy roadmap of its liraization strategy, through BKM's Open Banking Gateway (GEÇİT).
Payment Institutions & E-Money
The “Review Report on Financial Technologies in Payment Services”, prepared after a study launched on 9 November 2020 to assess Türkiye's payments fintech ecosystem and its effects on competition, has been published.
Open Banking
API, used as an abbreviation for Application Programming Interface, is an interface that allows an application's functions to be accessed and used from outside or remotely, letting a server application be reached from different platforms.
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
Digitalization is changing how banks onboard customers. This post covers digital identity, verification methods, what the Turkish ID card offers, and Article 43 of the Regulation on Information Systems of Banks and Electronic Banking Services on remote identity verification and open banking.
Merchant & POS
Per BKM data, 3 in 5 merchants accept contactless payments and 1 in 10 credit card transactions is contactless. From 1 August 2019, contactless payments by card or mobile device are allowed without a PIN up to 120 TL.
Merchant & POS
The PCI Security Standards Council (PCI SSC), founded in 2006 by Amex, Discover, JCB, Mastercard and Visa, has shared its data security and testing standard for accepting contactless payments on smartphones and tablets without extra hardware.
Security
The number of companies offering cloud computing and storage has grown sharply in recent years. AWS, founded in 2006, is the world's largest cloud computing and storage provider, ahead of Google Cloud, Microsoft Azure and IBM.
Payment Systems
The General Data Protection Regulation (GDPR), (EU) 2016/679, is EU law on data protection and privacy. It gives individuals control over their personal data, requires breach notification within 72 hours, and allows fines of up to 20 million euros or 4% of annual revenue.
Payment Systems
After switching to response code 70 for contactless limit-exceeded cases, we found that some overseas POS devices and acquirers did not handle it as expected. This post covers why the problem lies in the ecosystem and how to address it.
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.
Credit Card
Data on card payments made online in Türkiye is shared by BKM, updated monthly by number and value of transactions. Here is the link and how to interpret the figures.