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Payment Systems
The Interbank Card Center (BKM) shared its data for the first 6 months of 2021: card payments totaled TRY 709 billion, online card payments reached TRY 188 billion, and the number of contactless payments tripled year on year.
Online & Authorization
A contactless transaction is a fast, secure payment made without direct contact between the card and the POS terminal (without reading the chip or magnetic stripe). Can every card be used for contactless payments? For a transaction to be contactless…
Chargeback
A chargeback is the refund of an amount paid by credit card to the cardholder's card when the purchased goods or services were not received, or when a transaction was not actually carried out by the cardholder.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment System Institutions
TROY, Türkiye's domestic payment method founded by the Interbank Card Center (BKM) and licensed by the BRSA and the Central Bank in March 2016, is being spun off into a separate company.
Merchant & POS
In the world of payment systems, there are new developments every day in both accepting payments and payment methods. QR code payments will undoubtedly become more common in the coming days, and we will make payments with QR codes in many places.
Payment Systems
BKM shares card payment data periodically. In 2020, the pandemic reshaped payment habits in Turkey: contactless and online payments surged and the total card payment amount grew 17 percent to TRY 1.15 trillion, with about 264 million cards in circulation.
Security
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
Payment System Institutions
BKM (Interbank Card Center) works through several committees: Security, Operations and Technology, Market Development, Business Development, Chargeback Rules and Arbitration, ATM Sharing, plus arbitration committees. This post outlines each one's duties.
Payment Systems
BKM Payment Gateway is the general name for platforms that let government institutions accept card payments through BKM as intermediary. For the first time, SGK and e-Government title deed payments can be made with all banking cards.
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.
Merchant & POS
The regulation on generating and using TR QR Code in payment services was published in the Official Gazette No. 31220 on August 21, 2020. Its purpose is to set the standards for generating and using TR QR Code in payment services.