Payment Systems
What Are the Discover Chargeback Reason Codes?
Chargeback reason codes differ by card scheme. Here is the list of Discover chargeback reason codes and their descriptions, along with how merchants can use them.
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Payment Systems
Why Am I Getting an Error When I Try to Pay with a TR QR Code?
In payment or cash withdrawal transactions, the TR QR Code is generated by the POS or ATM. The card issuing bank must build its systems to read and act on this code. Errors usually stem from mishandling the long and short QR code flows, which are explained here.
Merchant & POS
Are POS Terminals Becoming Obsolete?
Today, as credit cards shift from physical to virtual use, a similar move has come from the POS side. We have begun to see mobile phones used as POS devices becoming a serious rival to physical POS terminals.
HSM & Security
What is a transaction performed with stored card data (Credential-on-File)?
Non-face-to-face transactions in which the cardholder authorizes the merchant to store card data, and the merchant uses that stored data to carry out the transaction, are called Credential-on-File (CoF) transactions.
Merchant & POS
What Is an MCC Code Used For?
Since the MCC code is a merchant's category code, it's critical for the checks performed during merchant onboarding and authorization, including campaigns and restrictions.
Payment Systems
Draft Amendment to the Regulation on Banks' Remote Identification and Contract Relationship Published
The BRSA has published a draft amendment to the regulation on remote identification methods used by banks and electronic contract relationships. It extends remote onboarding to legal entities, including MERSIS-based verification of representatives.
Payment Systems
CBRT Publishes Press Release on Payment and E-Money Institutions Joining the FAST System
As FAST usage keeps growing, new CBRT regulations are accelerating it further. Payment and e-money institutions will join FAST directly in 2023, and FAST Merchant Payments using the TR-QR Code will go live in the first quarter of 2023.
Payment Institutions & E-Money
What is a payment instrument?
Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions defines a payment instrument as a personalized device such as a card, mobile phone, or password.
Security
What is the First Credential-On-File transaction?
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
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...
Cryptocurrency
What Are the Terms Used in the Cryptocurrency World?
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Merchant & POS
Terms that should be in your payment systems glossary
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.