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Payment Institutions & E-Money
A platform lets about 5,000 members top up online accounts by card, pay other members and cash out. Because the member base keeps growing and has no defined limits, it does not qualify as a limited network.
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 Systems
The Smart Payment Association (SPA) is the trade association of the smart payments industry. It provides leadership and expert guidance to help members and customers realize smart, secure and personalized payment systems and services, now and in the future.
Laws & Regulations
An electronic money institution can carry out the activities of a payment institution, but a payment institution has no authority to issue electronic money. So a payment institution cannot carry out an e-money institution's activities.
Credit Card
Although card usage today is shifting from physical use toward virtual use, physical card production, personalization, and printing remain vital steps in card manufacturing. Here are the companies that produce and personalize cards in Turkey.
Open Banking
First, it is useful to briefly recall the concepts of Banking as a Service and Open Banking. Banking as a Service (BaaS) lets interface developers connect directly to service banks' systems via APIs and open banking services to run banking transactions for customers...
Payment Systems
Fintech, short for financial technologies, is a term for companies that bring together finance and technology to provide easy and fast financial services, growing rapidly worldwide.
E-commerce
Alternative payment systems are services from intermediary companies that use virtual POS accounts in the background to benefit merchants. Law No. 6493 calls them payment institutions. This article compares them with bank virtual POS accounts.
Payment Systems
According to BKM's TR QR Code Technical Principles and Rules Guide for card payments, QR code payment structures apply to EFTPOS, shared EFTPOS, ÖKC, ATMs, payment provider apps, static QR codes and virtual POS.
Laws & Regulations
The Central Bank of the Republic of Türkiye (CBRT) extended the compliance deadlines for digital wallets and GEÇİT. The digital wallet deadline moved from 7 October 2024 to 7 April 2025.
Merchant & POS
Virtual POS is the software-based, security-enhanced equivalent of the physical POS devices used for card payments at merchants, designed for online shopping. It is not issued to individual customers, only to sole proprietorships, companies, or foundations and associations.
HCE
Tokenization generates secure data from a credit card number, using specific algorithms, for use during authorization. In CNP transactions, it removes the risk of storing or compromising the original card number.