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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?
FAST
The Central Bank of the Republic of Turkey (CBRT) has implemented a significant limit increase in the FAST system. Under the regulation effective August 26, 2026, the FAST money transfer limit was raised from TRY 100,000 to TRY 300,000. The same increase also applies to Request to Pay...
Payment Institutions & E-Money
Innovations in payment systems continue. The CBRT's Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was amended and published in the Official Gazette, with new minimum equity requirements and activity restrictions.
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
Online & Authorization
Account-to-account (A2A) payments can be described as making a payment by transferring money from one bank account to another. Though similar to wire transfer/EFT, combining the transfer with the payment creates a seamless experience.
Payment Systems
Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.
Security
With Chip&Pin technology, card PINs and chip-based transactions became widespread. As online shopping grew, strengthening the security of these transactions became a necessity, and OTP began providing that transaction security.
Payment Systems
A draft communiqué has been published setting out the procedures and principles for remote identity verification methods that banks can use for new customer acquisition and customer identity verification.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
Payment System Institutions
The European Payments Initiative (EPI), formerly known as PEPSI, is an ECB-backed payment integration initiative aiming to build a pan-European payment system and interbank network to rival Mastercard and Visa. Its founding members include BBVA, BNP Paribas, CaixaBank, Commerzbank and others.
Laws & Regulations
The purpose of this Law is to protect competition by preventing agreements, decisions and practices that restrict competition in goods and services markets, and the abuse of dominance by dominant undertakings.
Payment Systems
“Brick and mortar” refers to a business's physical presence in a building. In banking, it describes the traditional branch-based model of face-to-face contact between bank and customer.