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Payment Institutions & E-Money
Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions defines a payment instrument as a personalized device such as a card, mobile phone, or password.
Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Payment Institutions & E-Money
The Law defines e-money as monetary value issued in exchange for funds accepted by the issuer, stored electronically, used for payment transactions and accepted as a payment instrument by persons other than the issuer. This post explains e-money institutions and the services they may provide.
Laws & Regulations
No. There is an exemption for technical service providers that offer IT support for the provision of payment services. However, they have responsibilities under the Communiqué on outsourcing and information security.
Credit Card
In the world of payment systems, just as credit cards are an indispensable product, a payment scheme is indispensable for credit cards. When a credit card product is launched, the scheme it will be issued under is decided first.
Merchant & POS
Onboarding refers to all the practices that help a customer learn to use a product or service for the first time. In payment institutions, it covers verifying a customer's information and documents during merchant application.
Merchant & POS
The regulation on generating and using TR QR Code in payment services was published in the Official Gazette No. 31220 on August 21, 2020. Its purpose is to set the standards for generating and using TR QR Code in payment services.
FAST
New banks are added to the Easy Address system every day. Here is the list of banks that supported the Easy Address System at the time, and where to find the current list.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
Payment Institutions & E-Money
5 August 2021 was a very important day for Turkish payment systems. The CBRT's amendment to the Communiqué on the International Bank Account Number (IBAN) allows payment institutions and e-money institutions to create IBANs as well. This is...
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.
Credit Card
The coronavirus has turned the past month into a new way of life. How will these changes affect payment systems? This post reviews the March 2020 data announced by BKM, including the surge in contactless and online card payments.