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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.
ISO 8583
Fields F4, F5, F6, F49, F50, and F51 are the Amount and Currency fields sent in the authorization message. For example, for a 300 Euro transaction, the amount and currency information sent in these fields is as follows.
Online & Authorization
You press the pay button and the screen says the transaction failed. Behind that failure are checks on your balance and transaction security. This post explains how funds confirmation APIs work, where they apply, and the situation in Turkey's open banking.
Cryptocurrency
Bitcoin is a digital currency launched experimentally in 2009 by Satoshi Nakamoto. It has no ties to any central bank, can be bought and sold with national currencies and can be transferred without any intermediary.
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.
ATM
Although we can now carry out almost all branch transactions at an ATM, for most of us an ATM is still just a machine for depositing and withdrawing cash. Today, without a card, we can use our phones to deposit and withdraw cash via QR code.
Payment Institutions & E-Money
No. Virtual currency is a digital representation of value not issued by any central bank, credit institution or e-money institution. Electronic money is defined in Turkish law and is tied to an electronic money institution.
Credit Card
In the standard authorization flow, the transaction is initiated by the acquirer (POS bank) and forwarded to the issuer (card-issuing institution). The process is completed once the issuer responds. However, this isn't always possible; when the issuer fails to respond, BKM steps in...
Merchant & POS
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
ISO 8583
DE 9, Conversion Rate, Settlement, carries the settlement conversion rate. It is an 8-digit numeric value: the first digit shows the decimal position from the right and the next 7 digits show the value.
ISO 8583
DE 10, Conversion Rate, Cardholder Billing, is an 8-digit numeric value. The first digit shows the position of the decimal point from the right, and the next 7 digits show the value.
Payment Systems
Official Gazette No. 32332 dated 07.10.2023 published the amending Regulation and Communiqué covering digital wallets, e-money, share transfers, cloud outsourcing, remote identity verification and card system choice.