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ATM
A Bitcoin ATM (BTM) is a specialized kiosk designed for Bitcoin transactions, letting users buy and sell Bitcoin. General features: it enables Bitcoin purchases and sales, and while it visually resembles traditional ATMs...
Credit Card
The launch of the Apple Card made headlines, with Apple Pay expected to roll out in 40 more countries. Turkey was among the countries still waiting. Apple's June 26, 2019 announcement left us waiting for the next update.
Credit Card
Banks must go through a costly, arduous process to issue cards (issuer) and accept cards (acquirer), paying high entry fees to international license providers and local organizations such as BKM.
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.
Payment System Institutions
UnionPay Online Payments (UPOP) lets merchants in China, New Zealand, Australia and other countries extend their e-commerce stores to accept UnionPay payments. UnionPay supports over 5 billion cards in more than 140 countries.
Credit Card
An installment is when a credit card transaction is split into a fixed number of monthly payments to the bank. For example, splitting a 100 TL purchase into 5 installments means paying the bank 20 TL per month until the full amount is paid off.
Credit Card
When I think back to the Akbil I used when I first arrived in Istanbul, I think it's fair to say that Istanbulkart has undergone a very significant transformation. Users can now track activity, top up and view balances right from their phones.
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.
Payment System Institutions
These are credit institutions providing financing to individuals and companies for purchasing goods and services. Financing companies specialize mainly in vehicle loans, offering fast and flexible point-of-sale solutions distinct from banks.
Merchant & POS
MIV stands for Central Merchant Database. The MIV Module collects information on merchants across Turkey and the TRNC that have card acceptance agreements with BKM members, and assigns each merchant a unique number for tracking purposes.
Credit Card
A co-branded card is a card offered by two or more organizations: one the issuing financial institution, the other a non-financial commercial brand (there may be more than one), such as an airline, hotel, or retail chain.
Payment Institutions & E-Money
Under Law No. 6493, payment institutions and e-money institutions may operate only with BRSA permission. This post explains the BRSA circular on the format of the independent audit report required with operating permit applications under Article 8 of the Regulation, and where to find it.