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Laws & Regulations
Law No. 6493, published in Official Gazette No. 28690 on 27 June 2013, regulates the procedures and principles for payment and securities settlement systems, payment services, payment institutions and e-money institutions.
HSM & Security
KEK (Key Encryption Key) is an encryption key used to encrypt the DEK (Data Encryption Key) and decrypt the encrypted DEK. The relationship between KEK and DEK: in encryption systems, keys are managed in a layered structure.
Online & Authorization
In payment systems, the result of a transaction is sent in the F39 field. The F39 value is the code indicating the transaction's approval or decline status. It is a 2-character alphanumeric code. When approved, the value is usually 00.
HSM & Security
HSM, short for Hardware Security Module, is specialized security hardware built to store sensitive cryptographic keys in a physical environment and to perform cryptographic operations in the most secure way.
Credit Card
The payment card industry is arguably the sector most affected by technology and the quickest to adapt new developments. With mobile devices, payment systems have changed a lot - we now prefer using our credit cards virtually rather than physically.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
FAST
The CBRT has raised the FAST transaction amount limits. As of 4 April 2024, the limit is 100 thousand TL for money transfers and 250 thousand TL for merchant payments made with the FAST-TR QR code.
Merchant & POS
UnionPay International (UPI) is a China UnionPay subsidiary founded in November 2012. Together with more than 1,000 institutions worldwide, UPI provides international card acceptance in 160 countries and card issuance in more than 40 countries and regions.
Laws & Regulations
Yes. A payment or electronic money institution may outsource its information systems, provided it complies with Articles 11 and 16 of the Information Systems Communiqué and Article 13 of the Regulation.
Payment Systems
The Ödeme İste (Request to Pay) System is a value-added service aiming to improve the customer experience in FAST, Türkiye's instant and continuous funds transfer system.
Payment Systems
BKM, short for Interbank Card Center, is a legal entity established in 1990 with contributions from 13 public and private Turkish banks to provide clearing and settlement for cards.
FAST
Current information: this post describes the limit as it stood when published. The CBRT's press release No. 2022-13 of 14 February 2022 announced a higher FAST limit and FAST payments in shopping through TR QR Code.