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Illustration showing how an Application Identifier (AID) is used in a chip card transaction

EMV

What is an Application Identifier (AID)?

The AID tells the terminal which applications are present on a chip during a POS or ATM transaction. What does the AID do? It lets the terminal determine whether it supports an application on the chip. In Tag 9F06, it is 5-16 digits long.

Diagram illustrating the EMV Tag-Length-Value (TLV) data structure used in card transactions

Online & Authorization

What are EMV Tags?

In EMV, data is stored in Tag-Length-Value (TLV) format, and it is carried between the card, the POS terminal, and the authorization system in this same format. This post lists every EMV Tag, its type, and its description.

Open banking illustration representing payment services data sharing APIs between financial institutions and third-party providers

Payment Systems

Guide on Data Sharing Services in Payment Services Published

Open banking opens financial data, under the regulations and with the customer's explicit consent, to third-party service providers through standard APIs. The CBRT has published a guide on payment initiation and account information services, covering licensing and technical certification.

Illustration of a stored value card with balance information stored on its magnetic stripe

Debit Card

What Is a Stored Value Card?

A stored value card is a widely used card type today. Instead of being held in a financial system, the monetary balance is stored directly on the card, which has a special magnetic stripe recording important financial data such as the balance.

Illustration of the transfer of payment regulation powers from the BRSA to the CBRT in Turkey's fintech ecosystem

Laws & Regulations

Some Powers of the BRSA Transferred to the CBRT

Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.

Illustration of ATM machines representing a shared banking network

ATM

The Netherlands is moving to a shared ATM network

Banks generally prefer to handle their own ATM software and operations. Some banks have third-party firms develop the software while handling operational processes themselves, so each bank ends up doing separate work for both.

Central Bank of the Republic of Turkey and BKM logos

Payment System Institutions

Central Bank Becomes a Partner of BKM

According to the CBRT's official website, the Central Bank of the Republic of Turkey has become the controlling shareholder of the Interbank Card Center (BKM), using the authority granted by Law No. 7192.

Illustration of the Alipay super app connecting payments, merchants and financial services

Closed-Loop Payments

Alipay: Payment System or Digital Economy? | Closed-Loop Payments #5

Is Alipay a payment system, or a digital economy? In the previous post we discussed how Starbucks shows that payment systems can evolve into a different structure. At first the goal was to make payment easier for the customer. As the system grew, loyalty programs...