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Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
ISO 8583
F42 - CARD ACCEPTOR IDENTIFICATION CODE: the merchant number of the terminal where a transaction took place. It is a 15-character alphanumeric value. Transactions are settled to the merchant's account based on the merchant number in this field.
Fraud
According to the Banks Association of Turkey, a fictitious transaction is a collusive transaction made by misusing POS devices, debit cards, or credit cards. Banks that detect such transactions through merchants report them to the Banks Association of Turkey.
Payment Institutions & E-Money
Payment and electronic money institutions have achieved a lot recently in market share and the momentum they have brought to the industry. Here is where to find a list of payment facilitators worldwide.
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?