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Payment Systems
Elon Musk was set to unveil Neuralink, a brain-computer interface. What is Neuralink, and how might payment systems change if payments, cards, ATMs and POS devices move from phones to a chip in the brain?
ATM
A shared ATM lets a customer of one bank use another bank's ATM for card or credit card transactions. Within customer limits, shared ATMs allow deposits, withdrawals, balance inquiries, and credit card debt inquiry/payment.
Credit Card
The payment card industry is arguably the sector most affected by technology and the quickest to adapt new developments. With mobile devices, payment systems have changed a lot - we now prefer using our credit cards virtually rather than physically.
HCE
There are three types of PIN strategy in HCE (Host Card Emulation): No PIN, Card PIN and Wallet PIN or customer biometric data. Each balances user experience and security differently.
Credit Card
In transactions carried out through banks, a certain limit is set due to the rules and requirements of institutions such as the BRSA (BDDK) and MASAK, as well as the measures banks take to reduce risk, and transactions above this limit are not approved. In the world of payment systems…
Credit Card
Track3 is a field that doesn't need to be written to the card's magnetic stripe. It's used only in very specific cases and isn't required for authorization transactions. Issuers generally don't encode Track3 data onto the card's magnetic stripe. It consists of 104 numeric characters.
Contactless
It is important to use contactless cards to prepare our payment habits for the future. In Turkey, one in every 3 cards and one in every 4 POS terminals is contactless-enabled, yet usage remains around 5%.
ISO 8583
F61 - POINT OF SERVICE (POS) DATA: This field provides information about the specific status of the POS at the time of the transaction. Position Usage Attribute 1 POS Terminal Attendance Indicator 0 = Attended terminal (Valid for MasterCard debit card and Maestro transactions only).
ISO 8583
F54 - ADDITIONAL AMOUNTS is the additional amount field used in transactions. It can take different values depending on the transaction, such as carrying account balance information for balance inquiries.
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.
Security
Forgery in card payments means transactions made with card details without the cardholder's knowledge, or purchases with counterfeit or stolen cards. Merchants cannot eliminate fraud and chargeback risk, but they should aim to reduce it to reasonable levels.
Merchant & POS
Current information: this article describes the limit in force at the time of publication. To reduce the risk of the coronavirus (Covid-19) spreading, the contactless transaction limit on credit and debit cards was raised to 250 lira.