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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.
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
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.
Payment Systems
As part of the first-phase work of the Digital Turkish Lira Project led by the Central Bank of the Republic of Turkey (CBRT), the first payments on the Digital Turkish Lira Network were successfully carried out. The CBRT will continue its closed-loop pilot tests in the first quarter of 2023.
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.
Payment Institutions & E-Money
Open banking means sharing customers' financial information with a third-party fintech company so that a range of banking and financial services can be offered to them. It works through API integrations. This post covers its status in Turkey and the new BRSA regulation.
Payment Systems
Current information: this post describes the limit at the time of publication. The BRSA raised the contactless card transaction limit to 750 TL, effective 1 July. Above the limit, contactless payments need a PIN. The post also traces the limit's history.
Credit Card
The BRSA has decided to raise the contactless card transaction limit to 500 TL, effective 1 February. This post explains the change, how PIN entry works above the limit, and how the limit has evolved since 2019.
EMV
BIC stands for Bank Identifier Code. It is the universal bank identification code used for automated processing in banking and related financial environments, identifying banks as specified by the ISO 9362 standard.
Credit Card
From the invite-only American Express Centurion Card to the diamond-studded Dubai First Royal MasterCard, discover the world's most exclusive credit cards.
Merchant & POS
The Personal Data Protection Law was adopted by the Grand National Assembly of Turkey on 24/03/2016 and published in Official Gazette No. 29677 on 07/04/2016. It protects individuals' rights in the processing of personal data and sets the rules that data controllers must follow.
Payment Institutions & E-Money
5 August 2021 was a very important day for Turkish payment systems. The CBRT's amendment to the Communiqué on the International Bank Account Number (IBAN) allows payment institutions and e-money institutions to create IBANs as well. This is...