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Laws & Regulations
It is the regulation that sets out the procedures and principles for banks procuring support services, that is, outsourcing. Some services such as catering, legal counsel and advertising are outside its scope.
Credit Card
With economic crises and the pandemic, the number of people struggling to pay has risen. Under the Turkish Civil Code, only the cardholder is responsible for their credit card debt, unless you are a guarantor or inheritance rules apply.
Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
Merchant & POS
A Payment Facilitator (PF) is a licensed payment institution that lets merchants accept card payments without applying to banks directly. Learn how it works.
Laws & Regulations
An electronic money institution can carry out the activities of a payment institution, but a payment institution has no authority to issue electronic money. So a payment institution cannot carry out an e-money institution's activities.
Payment Institutions & E-Money
The Law provides for judicial fines and prison sentences for people who act as a payment or electronic money institution without the required licenses, and for those who use names suggesting they do.
Merchant & POS
Response codes returned on payment transactions are critical for managing next steps. Curious which error codes trigger card capture? Under ISO 8583, codes 04, 07, 33, 34, 36, 38, 41 and 43 all result in the card being captured.
Credit Card
An installment is when a credit card transaction is split into a fixed number of monthly payments to the bank. For example, splitting a 100 TL purchase into 5 installments means paying the bank 20 TL per month until the full amount is paid off.
Credit Card
Business customers can be issued an ATM card, known as a Business Debit Card. The cardholder must be the person authorized to act legally on behalf of the company, since the card operates on company accounts.
Credit Card
The minimum payment amount is the portion of the monthly debt - resulting from a cardholder's credit card spending shown on the latest statement - that must be paid. How much of the total debt is the minimum payment amount? Although the calculation varies from bank to bank...
Credit Card
Limit Control System (LKS): A system provided by KKB (Credit Bureau of Turkey) that allows customers' limit details to be checked in real time. It provides member banks (or institutions) with information sharing on consumers' credit card limits. Under the regulation by the BRSA...