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Merchant & POS
A POS is a functional device with its own dedicated software, customized according to the authorization system of the bank it is connected to, that accepts credit or debit cards. So, banks abroad launch dozens of new card products every day…
Merchant & POS
Yes, it is mandatory. This requirement was introduced to prevent fraud. To fulfill their obligations regarding identification of foreign customers, banks must make one of several arrangements on receipts, such as bilingual descriptions or an explicit foreign card warning.
Merchant & POS
BKM (Interbank Card Center) shared 2018 developments in card payments and the cashless society goal in Turkey. The data shows card payments becoming a bigger part of daily life every year.
Clearing
In card transactions via POS/ATM, when the card-issuing bank differs from the POS/ATM bank (Not Onus), the transaction is subject to clearing. Below, POS can also mean ATM. Is the clearing system a single type? No...
Credit Card
Payment systems statistics are reported periodically by the Interbank Card Center (BKM), including total card count, total card turnover, and the growth trend of the card world in the period.
Merchant & POS
In payment systems, exchange rate information is used in two places: POS devices that support foreign currency transactions, and credit card transactions made in a foreign currency (usually abroad).
Payment System Institutions
BKM (Interbank Card Center) was founded in 1990 to clear and reconcile credit and debit card payments. This post covers its public collection solutions: contactless transport in Konya, SGK premium payments and e-Government gateway fees.
Merchant & POS
Multicurrency POS refers to POS devices that can process transactions in foreign currencies (USD, EUR, GBP, etc.) in addition to Turkish Lira. Merchants using a MultiCurrency POS can process transactions in different currencies for international cardholders.
Payment Systems
After Russia invaded Ukraine, Visa and Mastercard suspended services for sanctioned Russian banks. This post explains the impact on cardholders and merchants, and Russia's MIR and UnionPay alternatives.
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.
Laws & Regulations
A rule-based method has been adopted for setting the maximum interest rates on credit card transactions, using a reference rate based on banks' weighted average deposit rates plus 55 basis points. This post summarizes the method and the rates effective 1 November 2020.
ISO 8583
F19 — Acquiring Institution Country Code: the country to which the location of the acquiring bank's device (ATM, POS, etc.) belongs.