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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.
Credit Card
A co-badge card is issued under two or more payment schemes (Mastercard, Troy, Diners Club, Discover, etc.). If a bank's product supports multiple schemes, customers can request a card carrying two or more payment brands.
Credit Card
Mir means World and Peace. It is a national payment system established by a law adopted by the Central Bank of Russia on 1 May 2017. It is currently accepted mostly by Russia-based companies, but acceptance is gradually spreading.
Credit Card
Banks increase the variety of their products and services to serve customers better. When introducing new products, they usually issue them under a new BIN. So are there valid rules for obtaining a new BIN (Bank Identification Number)?
Merchant & POS
In Turkey, there are 3 payment schemes we are used to seeing: MasterCard, Visa, and Troy. American Express and Diners Club are also used, though less widely. Russia's Central Bank recently said two Turkish banks are preparing to accept Mir cards.
Chargeback
A chargeback is the process of requesting that an amount paid by credit card be refunded, either because the goods or services paid for were not received, or because a transaction is identified as one the cardholder did not carry out.
Credit Card
Yes. A certificate must be generated for every new BIN and loaded onto the card chip, establishing secure communication between the chip and the terminal. This is especially critical for verification in offline transactions.
Merchant & POS
3D Secure is short for Three Domain Secure (Issuer Domain, the Interoperability Domain and the Acquirer Domain), used to increase security in online transactions. Known to cardholders as 3D Secure, these systems are given unique names by payment schemes (MasterCard, Visa, etc.).
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
EMV
EMV standards form the foundation for chip cards to work on terminals worldwide, but each scheme - VSDC (Visa), M/Chip (Mastercard), AEIPS (Amex), J Smart (JCB), D-PAS (Discover), and UICS (UnionPay) - defines its own keys, rules, and card profiles.
Online & Authorization
Electronic Commerce Indicator (ECI) is a 2-digit value generated by payment schemes (Visa, MasterCard, etc.) in 3D Secure transactions to determine the transaction's security level (Full 3D Secure, Half 3D Secure, Non 3D Secure), and it varies by payment scheme.
Payment Systems
Let's talk about payment systems, which we have heard more about since the internet entered our lives, and the basic structures behind them. The first credit card in the world was used in America in the 1920s.