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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.
FAST
The Instant and Continuous Transfer of Funds (FAST) System lets customers send payment instructions 24/7 through bank systems, independent of EFT. This article explains what Easy Address is, how to register one and how transfers work.
Payment Systems
New-generation payment recording devices (ÖKC) now play an important role for businesses and sole proprietors. The Revenue Administration's site covers both the legislation and usage details.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
Payment Institutions & E-Money
VUK 507 is the common name of Tax Procedure Law General Communique Serial No. 507, published in the Official Gazette on 1/6/2019 on the Secure Mobile Payment and Electronic Document Management System. It sets the rules for sales, collection and electronic document applications.
E-commerce
With the growth of the internet and its global reach, companies have increasingly begun to deliver their products to more people in foreign markets through online channels. This gives sellers an advantage beyond the domestic market and gives consumers wider access to products.
Merchant & POS
Onboarding refers to all the practices that help a customer learn to use a product or service for the first time. In payment institutions, it covers verifying a customer's information and documents during merchant application.
Merchant & POS
According to the Central Bank, the maximum commission rates banks may charge merchants are based on a reference rate: the latest two-week weighted average interest rate on 32–45 day Turkish lira deposits.
Security
Personal data means any information relating to an identified or identifiable natural person, including not only names and birth dates but also physical, family, economic and social characteristics.
Payment Institutions & E-Money
The requirement for natural and legal person representatives is set out in Article 13(7) of the Regulation and refers to Article 8(1)(d) of Law No. 5411, which excludes persons convicted of certain offenses.
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.
Credit Card
Payment systems are changing fast, and new players are emerging. The Advantage Card, the first installment credit card in Turkey and Europe, did not come from a bank, which holds lessons for today's fintech entrepreneurs.