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Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment Institutions & E-Money
Digitalization is showing itself first in banking and payment systems. The BRSA has announced it will begin issuing digital (branchless) bank licenses, opening the way for new digital banks in Turkey under an amendment to Banking Law No. 5411.
Payment Institutions & E-Money
Applications for electronic money and payment institution licenses have risen sharply with technology and digitalization, and obtaining the operating license can be the most tiring part. Here is where to find the application form.
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.
Payment System Institutions
BKM (Interbank Card Center) was founded in 1990 to clear and reconcile credit and debit card payments. This post covers its public collection solutions: contactless transport in Konya, SGK premium payments and e-Government gateway fees.
Payment Systems
Payment and electronic money institutions have had a big impact on the development of payment systems. A sector research report prepared by the Ministry of Treasury and Finance helps explain this ecosystem.
Credit Card
If you miss the minimum payment three times in a calendar year, your card is closed to cash use; if you miss it three times in a row, it is closed to both cash use and purchases until the full debt is paid.
Payment Systems
Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.
Laws & Regulations
The purpose of this Law is to protect competition by preventing agreements, decisions and practices that restrict competition in goods and services markets, and the abuse of dominance by dominant undertakings.
Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.
Payment Institutions & E-Money
A company that collects online payments through its own virtual POS and pays merchants on agreed dates is providing a payment service, and it needs a license from the Board unless an exemption applies.
Security
In payment systems, personalized security credentials are information such as the PIN, card/account/e-money details, expiry date and security code (CVV) that identify the payment instrument and its user.