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Payment Systems
As part of the first-phase work of the Digital Turkish Lira Project led by the Central Bank of the Republic of Turkey (CBRT), the first payments on the Digital Turkish Lira Network were successfully carried out. The CBRT will continue its closed-loop pilot tests in the first quarter of 2023.
Payment Systems
Before describing the Onus Installment process, it is better to first answer: what is an Onus transaction? An Onus transaction is when the acquirer and issuer are the same institution, so the transaction is processed through that institution.
Payment Systems
Foreign Currency POS is the POS software that lets merchants process transactions in a foreign currency. Terminals without it can only collect payments in Turkish lira. It comes in two common forms: Multicurrency POS and DCC POS (Dynamic Currency Conversion).
Merchant & POS
According to the third Card Spending Analysis by TOBB and Visa, average monthly card spending in Turkey in the first quarter of 2022 rose 85 percent year on year, driven by e-commerce, debit cards, and contactless payments.
Credit Card
With its announcement dated 09.06.2022, the BRSA changed how the credit card minimum payment is calculated: 20 percent of the period debt below a 25,000 lira limit and 40 percent above it. This post covers what banks should do and the likely market impact.
General
The Intellectual Capital Development Association, a high-value-added association that brings together experienced organizational managers to build knowledge communities and spread intellectual capital throughout society, is now live with a new website.
Fraud
Yes. Cardholders have the right to dispute transactions made with their cards without their knowledge. Here is how the process, known as a chargeback, works.
E-commerce
The E-Marketplace Platforms Sector Inquiry Preliminary Report, published by the Turkish Competition Board, is very valuable for understanding the development and current state of e-commerce.
Contactless
The no-PIN limit for contactless payments has been raised from 250 TL to 350 TL. Contactless payments up to 350 TL can be made without a PIN; above that, they are made contactless with a PIN.
Credit Card
Yes. A credit card cancellation request cannot be refused on the grounds that there is an outstanding balance on the card, and no annual membership fee can be charged during the repayment period of a card cancelled this way.
Credit Card
If you exceed your limit by no more than 20% and close it in the next statement period, no more than twice a calendar year, only contractual interest is charged on the excess amount. You pay no additional fee.
Online & Authorization
Many fields are sent in the authorization message of a card transaction, one of the most important being the authorization code. On its own it is not enough; together with the STAN and transaction date, the transaction can be found directly.