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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.
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
The ISO/IEC 7810 standard is an international standard that defines the physical characteristics of cards (credit cards, ATM cards, ID cards, etc.) such as physical dimensions, bending, flame and chemical resistance, temperature and humidity resistance, toxicity, and flammability.
Laws & Regulations
The Equity-Based Crowdfunding Communiqué entered into force with its publication in the Official Gazette on 03.10.2019 and explains how money is raised from the public through crowdfunding platforms in exchange for shares. What are crowdfunding and equity-based crowdfunding?
Laws & Regulations
Law No. 5549 introduced legal rules to prevent money laundering and terrorist financing, defined obligations, and expanded MASAK's remit to cover the fight against terrorist financing as well as money laundering.
Cryptocurrency
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Closed-Loop Payments
Is Starbucks really selling coffee, or building an ecosystem? Prepaid balances, a loyalty program and customer data turn a coffee chain's payments into a closed-loop economy, a very different model from Istanbulkart.
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.
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...
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?
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
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.