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Laws & Regulations
Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.
HSM & Security
Secure Element Issuer is the stakeholder that provides, maintains, and updates the secure element in cases where mobile payment application and card data are stored in the secure element inside a mobile phone.
Payment Systems
The Interbank Card Center (BKM) periodically publishes payment systems reports on its website, making it possible to follow the sector's development. The report on mobile contactless and QR code payments is available on the BKM site.
HSM & Security
The CPoC standard, issued by the PCI Security Standards Council in 2019, is a data security standard that lets merchants accept contactless payments using a commercial off-the-shelf (COTS) mobile device with NFC.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).
Security
An external network scan run every 3 months by an Approved Scanning Vendor authorized by card schemes such as MasterCard and Visa, required for PCI DSS compliance. It checks whether merchant systems are protected against external threats.
Credit Card
The coronavirus has turned the past month into a new way of life. How will these changes affect payment systems? This post reviews the March 2020 data announced by BKM, including the surge in contactless and online card payments.
Contactless
As end users, we have come to love contactless payments, which are becoming a bigger part of daily life. So what features let contactless cards make payments without touching the POS terminal? There are two classes: MSD cards and Contactless EMV cards.
Closed-Loop Payments
Is Starbucks really selling coffee, or building an ecosystem? Prepaid balances, a loyalty program and customer data turn a coffee chain's payments into a closed-loop economy, a very different model from Istanbulkart.
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.
Payment Systems
In card payment transactions made via a physical POS device, entering the card's PIN keeps the transaction secure, while in virtual POS transactions, security is provided through the 3D Secure flow. Are 3D Secure payment methods standardized? There are 3 different 3D Secure models.
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.