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Merchant & POS
PSD stands for Payment Services Directive, known as the Payment Services Law. It took effect in EU countries in 2009, and in 2015 new revisions were announced as PSD1, aiming to build an efficient, fast, secure, and competitive payment market.
Payment Systems
Open banking means sharing financial data with third parties securely, and Payment Services Data Sharing Services (OHVPS) are the two core payment services under it. This post explains both and where to find the participant list on the BKM website.
Laws & Regulations
Law No. 6502 on Consumer Protection aims to protect consumers' health, safety and economic interests, compensate their losses and inform them. It covers all consumer transactions and practices aimed at consumers.
Laws & Regulations
Under the Directive, it is clear that some e-commerce platforms should be within scope. Whether a platform counts as a payment institution depends on its business model.
Payment Institutions & E-Money
No. When applying, you must document that the company has 1 million TL of paid-in capital, paid in cash and free of collusion. The collateral is deposited with the CBRT only if the Board grants the license.
Closed-Loop Payments
Is Alipay a payment system, or a digital economy? In the previous post we discussed how Starbucks shows that payment systems can evolve into a different structure. At first the goal was to make payment easier for the customer. As the system grew, loyalty programs...
Credit Card
The BRSA has issued a new decision on contactless cards, instructing banks to require a PIN on the first contactless transaction to prevent cards from being used without the customer's knowledge.
Credit Card
Germany-based Deutsche Bank is launching a new credit card in Spain with a dynamic CVV code that changes every four hours, to make online shopping more secure. Deutsche Bank partnered with Mastercard and Idemia for the new card, launched under the Tarjeta Calma brand.
Credit Card
Administrative follow-up and legal follow-up are both credit card collection statuses, but they differ in many ways in how they work, what they cost and how they affect the cardholder.
Payment Systems
As FAST usage keeps growing, new CBRT regulations are accelerating it further. Payment and e-money institutions will join FAST directly in 2023, and FAST Merchant Payments using the TR-QR Code will go live in the first quarter of 2023.
Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
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.