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HSM & Security
TPK stands for Terminal PIN Key. It is a data encryption key used to encrypt PINs for transmission between a terminal and the terminal's bank (acquirer) within a local network. Learn how TPK is used in POS and ATM devices.
Merchant & POS
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.
Open Banking
API, used as an abbreviation for Application Programming Interface, is an interface that allows an application's functions to be accessed and used from outside or remotely, letting a server application be reached from different platforms.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
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.
Credit Card
After Apple Card, announced last March to great fanfare, Huawei said it would issue a card too. Google has now joined the race among tech companies by announcing a new card of its own.
ATM
ATMs are among the channels banks use most to serve customers. Besides being one of the most important channels, because they physically dispense cash and give access to a customer's account, many fraud cases occur at ATMs.
Merchant & POS
A virtual POS is a payment platform that enables online payments by credit or debit card. Banks also give merchants interfaces for mail order, pre-authorization, cancellations and refunds.
Payment Systems
WhatsApp, one of the world's leading messaging apps, is rolling out a long-awaited new feature. After the update, users in Brazil will be able to shop and pay from within the app. Meta announced that users can now pay small businesses directly in WhatsApp.
Laws & Regulations
The upper limit for FAST transactions, raised to 1,000 TL on 29 January 2021, was increased to 2,000 TL on 4 August 2021, and payment and e-money institutions began applying to join the system.
Payment Systems
Under the EU Digital Markets Act, Apple will let third-party developers in the European Economic Area offer NFC contactless payments inside iOS apps without Apple Pay or Apple Wallet, opening the way for banks and payment services to launch their own tap-to-pay solutions.
Credit Card
Credit card fraud is generally committed using the card itself, using card details without the card, via excess or duplicate withdrawals, or by seizing identity information. ATM card trapping is common, since ATMs hold the card during the transaction.