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Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.
Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).
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.
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.
Merchant & POS
There are many players in the POS and OKC (Payment Recording Device) market in Turkey. Some of these companies are foreign, while others are domestic. Let's get to know these companies: Ingenico, Verifone, Interpay (PAX), and more.
Merchant & POS
Isbank, a leading player in accepting payments from abroad in Turkey, has started accepting Discover and Diners Club cards via an agreement with Discover Financial Services, making it the bank accepting the most card brands in the country.
ATM
ATMs are devices that let customers carry out many banking transactions without visiting a branch. Keeping these devices technologically up to date and maintaining a high level of security are among the most important issues. Below are the companies that provide ATM software and support in Turkey.
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.
Chargeback
TRIP (Turkey's Communication Platform) is a central platform developed by BKM to fight fraud, bringing together Case Filing, Issuer and Acquirer Chargeback operations (Pre-Arbitration, Pre-Compliance, Arbitration, Compliance), and ATM deposit/payment dispute operations.
Payment Systems
The BRSA has published a draft regulation amending the Regulation on Debit Cards and Credit Cards. It introduces the card scheme definition, a customer right to choose the card scheme, and an obligation for acquirers to define licensed schemes on merchant POS devices.
Credit Card
Payment systems are changing fast, and new players are emerging. The Advantage Card, the first installment credit card in Turkey and Europe, did not come from a bank, which holds lessons for today's fintech entrepreneurs.