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Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Laws & Regulations
Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.
Merchant & POS
Banks check merchants against a termination list before issuing a POS device. Learn the main reasons, such as counterfeit card acceptance, excessive chargebacks, and fraud, that can lead a bank to terminate a merchant agreement.
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Merchant & POS
Isbank, a leading player in accepting payments from abroad in Turkey, has started accepting Discover and Diners Club cards via an agreement with Discover Financial Services, making it the bank accepting the most card brands in the country.
Payment Systems
This Guide links business models frequently encountered in the payments field to the payment services listed in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, and aims at uniformity in practice.
Merchant & POS
After a merchant applies to a bank and the required checks on the company are completed, a POS is connected to the customer. Settlement can be commission-based, held for a period, or both, depending on the agreement.
Payment Institutions & E-Money
How much capital is required to establish a payment institution or e-money institution? Under the second paragraph of Article 14 of Law No. 6493, minimum paid-in capital amounts are set for each institution type.
Payment Systems
In card payment transactions made via a physical POS device, entering the card's PIN keeps the transaction secure, while in virtual POS transactions, security is provided through the 3D Secure flow. Are 3D Secure payment methods standardized? There are 3 different 3D Secure models.
Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
FAST
The Instant and Continuous Transfer of Funds (FAST) System lets customers send payment instructions 24/7 through bank systems, independent of EFT. This article explains what Easy Address is, how to register one and how transfers work.
Security
In the Man in the Browser fraud method, the goal is not to steal the user's password but to place malware in the browser itself. A malicious browser extension can alter the amount and recipient of the user's transfers at will.