FAST
What Is the FAST Transaction Limit?
The limit in FAST, the CBRT's new instant payment system launched on 8 January, started at 50 TL. It was raised to 250 TL on 14 January and 500 TL on 21 January, and will be raised to 1,000 TL on 28 January.
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Laws & Regulations
What Is the Communiqué on Information Systems Used in Payment and Securities Settlement Systems?
This communiqué regulates the procedures and principles for the information systems used in running payment and securities settlement systems, from information security to business continuity.
E-commerce
When Is a Return or Refund Valid in E-Commerce Transactions?
Can a product bought online be returned, and under what conditions? This post explains the 14-day right of withdrawal in Turkey and the cases in which Law No. 6502 on Consumer Protection removes the right of return.
E-commerce
What Is Dropshipping (Selling Without Stock)?
Dropshipping is an e-commerce model in which products are sold to customers directly from a supplier, without holding stock. Instead of stocking goods, the seller buys from a third-party provider on demand and has it shipped straight to the customer.
Credit Card
Did Someone Say a Numberless Card?
When we think of a credit card, we picture one printed with the Card Number, Cardholder Name, Expiration Date, and CVV2 information. But what if we told you there is a card with no numbers on it at all? It may sound strange at first, but...
Payment Systems
What is a Non-Secure transaction?
A non-secure transaction is an e-commerce transaction approved without any verification before authorization, such as SMS OTP. In short, authorization is obtained by verifying only the card number, expiration date, and CVV2.
Payment Systems
What is Strong Customer Authentication (SCA)?
Strong Customer Authentication (SCA) is a security requirement introduced under the EU's Payment Services Directive 2 (PSD2) to increase security and reduce fraud in online payment transactions. SCA requires two of three independent authentication factors.
Security
What Is 3D Secure 2.0?
Before 3D Secure 2.0, let's explain what 3D Secure is. 3D Secure is a two-layer payment authentication system that protects both the cardholder and the merchant in online payments. First released by Visa in 1999, it was later adopted by other card schemes…
Payment Systems
What is KYC (Know Your Customer)?
Know Your Customer, in short, means identifying your customer. The process by which institutions identify their customers and determine their suitability for a business relationship and the risks they may pose is called KYC.
Open Banking
What is the European Banking Authority (EBA)?
The European Banking Authority (EBA) is an EU regulatory body headquartered in Paris. It runs stress tests on European banks to increase transparency and identify weaknesses in their capital structures. It was established on 1 January 2011.
Payment Institutions & E-Money
Central Registry Agency (MKK) Granted Crowdfunding Activity Permit
The Central Bank (CBRT) approved the Crowdfunding System Activity of the Central Registry Agency (MKK) as one of its other activities. Here is the Official Gazette decision and what Article 17 of the regulation says.
Merchant & POS
Contactless transaction limit raised to 250 TL
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.