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Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
Payment Systems
The Hidden Side of the Payments World. The words a person working in the payment systems industry hears most over a career are probably Visa, Mastercard, POS, debit card, virtual POS, acquiring and card issuing. Frankly, my own career did not unfold very differently from that journey...
Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
Merchant & POS
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.
Merchant & POS
Digitalization has brought major change to payment systems, just as it has to every area of our lives. Its biggest impact has been turning the financial world into something virtual, spanning IoT, mobile payments, blockchain and biometrics.
Payment Systems
When Does a Transit Card Become a Payment System? Millions of people in Istanbul use Istanbulkart every day. Passing through metro turnstiles, rushing to a bus or boarding a ferry at the last moment, our hand reaches almost by reflex for our card or our phone...
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...
Laws & Regulations
The purpose of Law No. 6493 is to regulate the procedures and principles for payment and securities settlement systems, payment services, payment institutions and electronic money institutions.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
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.
Payment Institutions & E-Money
The duties of the Payment Systems and Financial Technologies Department, set up within the CBRT Head Office, have been defined, along with the directorates it consists of.
Payment Systems
Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.