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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
The BRSA has prepared a draft communiqué setting out remote identity verification methods banks can use for new customer acquisition and identity verification, under Banking Law No. 5411 and the regulation on banks' information systems.
Credit Card
KKB (Credit Registration Bureau) is a private company established in 1995 under Banking Law No. 5411 with nine bank shareholders, sharing credit information among member institutions.
HCE
Token types vary depending on the verification method used in a transaction. In offline transactions, general checks are performed by the mobile app and card reader without any verification in the card system. In online transactions, token verification is sent to and verified by the issuer.
HCE
We can list the differences between the NFC Secure Element and HCE payment methods as follows: Secure Element requires a mobile operator and stores card data on a hardware chip, while HCE needs no operator and relies on cloud-based tokenization.
Payment System Institutions
The European Payments Initiative (EPI), formerly known as PEPSI, is an ECB-backed payment integration initiative aiming to build a pan-European payment system and interbank network to rival Mastercard and Visa. Its founding members include BBVA, BNP Paribas, CaixaBank, Commerzbank and others.
Payment Systems
The CBRT has published a guide on reporting persons and institutions that provide payment services without authorization. Under Law No. 6493, offering such services outside the CBRT's published list of payment and e-money institutions is a criminal offense.
Merchant & POS
Payment and e-money institutions' commissions were first subject to VAT, but since their work resembles banking, BSMV was debated. Expenditure Taxes General Communiqué No. 91 settled the question.
Payment System Institutions
BKM (Interbank Card Center) works through several committees: Security, Operations and Technology, Market Development, Business Development, Chargeback Rules and Arbitration, ATM Sharing, plus arbitration committees. This post outlines each one's duties.
Credit Card
In the past, banking transactions could only be carried out at branches, but with the advance of technology, customers can now complete their transactions through many channels without visiting a branch. Checking credit card debt is one of these.
Debit Card
A contactless transaction is a fast, secure payment made between a chip card and a POS device without direct contact, without the card's chip or magnetic data being read through the card reader. Can this be done with a debit card (ATM card)?
Merchant & POS
The Central Bank of the Republic of Turkey has capped the commission banks charge merchants on credit card purchases, effective for transactions after November 1, 2019. What does this mean for cardholders and banks?