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Payment Systems
The Interbank Card Center (BKM) shared its data for the first 6 months of 2021: card payments totaled TRY 709 billion, online card payments reached TRY 188 billion, and the number of contactless payments tripled year on year.
Cryptocurrency
Bitcoin has a concept similar to the subunits of fiat currencies: the satoshi. It is the smallest unit of Bitcoin, defined as one hundred-millionth of a Bitcoin (0.00000001 BTC), and it is named after Satoshi Nakamoto.
Online & Authorization
In payment systems, the term transaction refers to the operations performed. Each transaction has its own distinct characteristics. For example, a Sale made from a POS differs from a Sale Cancellation or a Cash Withdrawal made from an ATM.
FAST
In the FAST system, an end-to-end money transfer between participants is targeted to complete in 2–3 seconds on average. Transactions that are not completed within 25 seconds are automatically cancelled.
Credit Card
The '12 - Invalid Transaction' error is usually returned when the issuer declines the transaction. It typically occurs when the same card is tried repeatedly at the same merchant for the same amount in quick succession.
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.
Fraud
Chargeback is the process of refunding a credit card payment when the goods or services that should have been received were not, or when transactions not made by the cardholder are identified. In Turkish it is translated as reversal of presentment.
ATM
FLM (First Line Maintenance) refers to service calls that require no tools or parts but are needed to return an ATM to proper working condition. It covers basic issues such as paper jams, cash jams, and restocking consumables.
Laws & Regulations
No. Bitcoin is not issued by any public or private institution and has no guaranteed backing, so it is not considered electronic money under Law No. 6493 and cannot be supervised under that Law.
Merchant & POS
In online transactions, Opt Out is the cardholder exercising the right not to enroll in 3D Secure. It is not unlimited: only as many transactions as the issuer allows can be made without 3D Secure.
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
Used as an abbreviation for Application Programming Interface, an API is an interface that allows an application's functions to be accessed and used from outside or remotely, letting an application on a server be reached from different platforms.