Search
105 articles found
Payment Institutions & E-Money
VUK 507 is the common name of Tax Procedure Law General Communique Serial No. 507, published in the Official Gazette on 1/6/2019 on the Secure Mobile Payment and Electronic Document Management System. It sets the rules for sales, collection and electronic document applications.
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.
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.
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.
Payment Institutions & E-Money
Innovations in payment systems continue. The CBRT's Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was amended and published in the Official Gazette, with new minimum equity requirements and activity restrictions.
Security
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
HSM & Security
Non-face-to-face transactions in which the cardholder authorizes the merchant to store card data, and the merchant uses that stored data to carry out the transaction, are called Credential-on-File (CoF) transactions.
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.
Merchant & POS
Cash on delivery means paying for an online order at the moment of delivery, usually in cash, though some e-commerce sites also accept card payment at the door. It boosts sales and builds trust, but carries risks like missing POS terminals and refused deliveries.