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E-commerce
Alternative payment systems are services from intermediary companies that use virtual POS accounts in the background to benefit merchants. Law No. 6493 calls them payment institutions. This article compares them with bank virtual POS accounts.
Laws & Regulations
In its press release of 12 November 2020, the Central Bank of the Republic of Türkiye announced that preparations had been completed to launch FAST, a new instant payment system.
Credit Card
Credit card fraud is generally committed using the card itself, using card details without the card, via excess or duplicate withdrawals, or by seizing identity information. ATM card trapping is common, since ATMs hold the card during the transaction.
Payment System Institutions
FAST is the money transfer system announced by the Central Bank of the Republic of Türkiye in its press release of 12 November 2020 that makes 24/7 money transfers possible.
Debit Card
A debit-featured card issued to a sole proprietorship, a commercial company, or a foundation/association is called a commercial debit card. Operationally, it is no different from a personal debit (ATM) card. It has its own limit, status, and user.
FAST
The FAST system went live at 20 banks on 8 January, and its transaction limit was set at 500 TL on 21 January, rising to 1,000 TL from 28 January. Here are the criteria a transfer must meet to be processed through FAST.
ATM
Everyone has probably felt the fear of money getting stuck in an ATM while making a deposit. What causes this to happen? It is not a very common occurrence, but it can happen if you do not pay attention to a few important points.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
Credit Card
Banks set two payment amounts for a credit card: the minimum payment and the statement balance. Here is what the minimum payment is, and what happens when you pay only the minimum or less.
Credit Card
At first glance, a credit card seems like a product offered for cardholders' use and benefit, but it also provides significant benefits to merchants, from faster cash flow to collection security and new customers.
Payment Systems
You can access the regulations on the Bank Cards and Credit Cards Law on the BRSA website. The regulations are updated as new ones are introduced.
ATM
The shutter can be described as the gate mechanism that prevents financial loss during ATM cash deposit and withdrawal transactions by controlling customer access to cash and preventing tampering with the ATM system.