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Payment Institutions & E-Money
PayPal announced that it is launching payments with QR codes in 28 markets worldwide, including the USA, the UK, France, Hong Kong and Canada. Businesses can use QR codes to accept payments and consumers to shop contactlessly through the PayPal mobile app.
Payment System Institutions
According to the CBRT's official website, the Central Bank of the Republic of Turkey has become the controlling shareholder of the Interbank Card Center (BKM), using the authority granted by Law No. 7192.
E-commerce
BKM Express has pioneered card storage and digital wallets in Turkey. After the Competition Authority's termination decision, a Board decision revoked it, so BKM Express will continue. Here is the latest situation.
Credit Card
To ease payments during post-coronavirus normalization and support domestic tourism, the BRSA raised the credit card installment limit for domestic airline, travel agency and accommodation spending from 12 to 18 months.
Laws & Regulations
No. Under Law No. 6493, a payment system is a structure completely different from a payment institution and requires CBRT permission. Using such a name without permission can lead to criminal penalties.
Credit Card
A structure developed by Visa for purchase refund transactions. The purchase return authorization message lets cardholders view their refund transactions in real time, improving the customer refund experience.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
Laws & Regulations
Digitalization is changing how banks onboard customers. This post covers digital identity, verification methods, what the Turkish ID card offers, and Article 43 of the Regulation on Information Systems of Banks and Electronic Banking Services on remote identity verification and open banking.
Payment Systems
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
The Open Banking Implementation Entity (OBIE) is a body set up by the UK's CMA to design and implement Open Banking, developing standards for APIs, security and the wider ecosystem together with other stakeholders.
Payment Institutions & E-Money
The Law provides for judicial fines and prison sentences for people who act as a payment or electronic money institution without the required licenses, and for those who use names suggesting they do.
Credit Card
The BRSA reduced the maximum number of credit card installments for foreign spending on airlines, travel agencies and accommodation from 6 months to 3 months.