Search
62 articles found
Payment Institutions & E-Money
Bill payment intermediation is a payment service under Law No. 6493. Only the CBRT and payment service providers, namely banks, electronic money institutions, payment institutions and PTT, can offer it.
Payment Systems
Electronic money is a legally defined concept in Türkiye under Law No. 6493. Since Bitcoin is not linked to any central bank or official institution and does not meet the required conditions, it cannot be considered electronic money.
Laws & Regulations
Under Article 13 of Law No. 6493, payment services can be provided by banks, electronic money institutions, payment institutions and PTT. Anyone else is prohibited from offering them.
Payment Institutions & E-Money
Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions defines a payment instrument as a personalized device such as a card, mobile phone, or password.
Payment Institutions & E-Money
No. Virtual currency is a digital representation of value not issued by any central bank, credit institution or e-money institution. Electronic money is defined in Turkish law and is tied to an electronic money institution.
Payment Institutions & E-Money
ÖDED (Payment and Electronic Money Association) is the only industry association representing the payment and electronic money institutions operating in Türkiye under Law No. 6493.
Merchant & POS
A surcharge is a fee, charge, or tax added to the cost of a good or service. In payment systems, it refers to adding the merchant's transaction commission to the cash sale amount on credit card transactions, resulting in a higher charge.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.
Clearing
YTH stands for Yurtiçi Takas Hesaplaşma (Domestic Clearing and Settlement), the general name of the clearing system managed by BKM. In the clearing system, prefix values are held in fields F32, F93, F94 and F100.
Credit Card
BKM Online is the web-based electronic system that enables communication and information sharing between BKM and its members, including documents, reports, services and work calendars, according to user permissions.
Merchant & POS
For a transaction to go through clearing, the card-issuing bank and the merchant bank must be different. If they are the same, the transaction is not subject to clearing and is processed directly by the bank.
Payment Institutions & E-Money
A payment institution is a legal entity authorized under the Law to provide and execute payment services. It must be a joint stock company meeting the conditions in Article 14 of Law No. 6493. This post sets out the services listed in Article 12 and the exclusions.