Payment System Glossary

3D Secure

3D Secure is a system that enhances the security of online shopping by verifying the cardholder's identity in a secondary step. During payment, the bank redirects you to an extra verification screen, where 3D verification is typically completed using a one-time password (OTP). This ensures that even if your card information is somehow compromised, no transaction can occur without your approval. In short, 3D Secure is one of the cornerstones of a secure payment experience. Widely used across major payment networks like Visa and Mastercard, this solution reduces fraud risks, lowers cashback (chargeback) rates, and increases user trust. The next-generation 3D Secure 2.0 is designed to offer a seamless and practical experience across mobile apps and various devices. As a result, 3D Secure now stands out as a standard security layer for e-commerce sites, marketplaces, and subscription payments.

Address Registration System (AKS)

The Address Registration System (AKS) is the complete set of frameworks and processes in Turkey aimed at maintaining, updating, and using residential and other address details electronically in compliance with established standards. The purpose of the regulation is to determine the procedures and principles for registering the addresses of Turkish citizens and foreigners holding a specific residency permit. It is based on the Population Services Law No. 5490 dated April 25, 2006. The operation of the system relies on the integration of the national address database with MERNIS. Data is centrally managed and kept up to date by the General Directorate of Civil Registration and Nationality (NVI). The Ministry of Interior handles policy-making, integration, and sharing operations, while relevant institutions are responsible for coordination and data sharing. Institutions and individuals base their transactions on the address information in MERNIS; a separate "residence and other address document" is not requested from individuals whose addresses are visible in the Identity Information Sharing System (KPS). Address changes are made by declaration and must be reported within specified periods. Compliance with the official address standard is mandatory for all transactions.

Anonymous Prepaid Card

An anonymous prepaid card is a bearer payment instrument that is not registered under any specific person's name and is not linked to a bank account. In other words, whoever holds this card can use it. The card's balance is limited to the amount loaded into it; it does not provide credit or incur debt. Payments are made using the card details during checkout. Although identity verification requirements vary depending on the product and legal regulations, because the card is anonymous, the person holding the card assumes full responsibility. Therefore, if you lose or have your card stolen, the risk of it being used by others increases, making it highly important to protect your card. Nevertheless, anonymous prepaid cards reduce the need to carry cash, help you control your spending, and offer a practical solution, particularly for giving gifts or making one-time purchases. Within the limit they set, users can shop either online or in-store. It provides a simple, accessible, and secure payment alternative for those who do not have a bank account or prefer not to use credit/debit cards.

Application Programming Interfaces (API)

An API is an interface that allows different software components to communicate with each other through common rules. That is, an application sends a request to another application's features via addresses called "endpoints," and in return, it typically receives a response in JSON or XML format. Among the most widely used, REST APIs operate using HTTP methods (such as GET and POST) and status codes. To ensure security, authentication methods like API keys or OAuth are utilized; additionally, practices such as rate limits and versioning help maintain the stable operation of the system. Especially in payment and e-commerce integrations, APIs form the foundation for virtual POS, refund/cancellation processes, card storage, subscriptions, and webhook-based notification flows. Developers can generally accelerate integration processes thanks to SDKs and comprehensive documentation. In short, APIs are the essential building blocks that connect systems in a modular, scalable, and secure manner.

Law No. 6493

The "Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions" establishes the framework for payment systems, payment services, and payment/electronic money institutions in Turkey. The law defines services such as account transactions, money transfers, card acceptance/issuance, remittances, and bill payment intermediation, alongside payment initiation and account information services, within the scope of "payment services." Banks, payment institutions, electronic money institutions, and the PTT (Turkish Post) are recognized as "payment service providers"; no other entities are permitted to offer these services. The issuance of electronic money is restricted to banks, the PTT, and authorized e-money institutions. It is mandatory to store logs, documents, and information systems locally within the country for at least 10 years (data residency). Additionally, payment and e-money institutions must be members of TÖDEB (Association of Payment and Electronic Money Institutions of Turkey).

Open Banking

Open banking is a system that grants secure access to a customer's banking account data via APIs, subject to the customer's explicit consent. This allows third-party fintech companies to offer new and diverse services. Data sharing among the bank, the customer, and the authorized service provider is carried out in a controlled manner, with the ultimate goal of creating a transparent and secure ecosystem that simplifies the user's financial life. Through functions such as account information services or payment initiation, users can view all their bank accounts on a single screen, perform smart budgeting, receive personalized offers, and experience faster payment flows. On the security side, principles like token-based access, time-limited permissions, and strong authentication take center stage. For businesses, open banking platforms offer smoother collection processes, subscription or recurring payments, and a data-enriched customer experience. In short, open banking brings banks and fintech startups to the same table, paving the way for innovative financial services.

Brokerage House

Brokerage houses are investment institutions authorized by the Capital Markets Board (CMB). They provide brokerage services to enable investors to execute buy and sell transactions in capital market products such as stocks, bonds, and derivative instruments. Additionally, they carry out various capital market activities, including order transmission, transaction brokerage, portfolio brokerage, custody services, and investment advisory.

Central Securities Depository (MKK) and Takasbank infrastructures are utilized for account opening, custody, and clearing operations. To ensure investor protection, brokerage houses are legally required to implement suitability and appropriateness principles, risk disclosures, internal control, and compliance processes.

The revenues of brokerage houses consist of commissions, brokerage services, and fees received in return for the additional services they provide. Brokerage houses are not banks, payment institutions, or electronic money institutions; their field of activity is strictly limited to capital markets, and they are subject to CMB supervision.

Gönderdiğiniz metinlerin akıcı, profesyonel ve sadece İngilizce içerikten oluşan çevirisi aşağıdadır:

ATM (Automated Teller Machine) in Turkey

ATMs (Automated Teller Machine) are self-service devices where you can perform many transactions at any time of the day without the need to visit a bank branch. Among the most frequently used transactions are cash withdrawals and deposits in Turkish Lira, balance and statement inquiries, card PIN operations, invoice and institutional payments, money transfers such as Havale/EFT/FAST, and card-to-card transfers. Most ATMs support EMV-chip cards, allowing you to perform transactions using cards bearing TROY, Visa, or Mastercard logos. Additionally, many banks' ATMs offer options for cardless transactions, cash withdrawals, and cash deposits via QR code. Fees and daily transaction limits may vary depending on the bank and the card you use. Thanks to BKM’s Joint ATM (Ortak ATM) network, you can also perform transactions with other banks' cards; however, additional fees may apply for such transactions. Withdrawing US Dollars or Euros is also possible at some ATMs. For security, PIN codes, transaction and daily limits, card-retention features, camera and anti-skimming equipment, as well as software controls are utilized. Prepaid cards, on the other hand, can only be used up to their available balance. While ATMs reduce the workload and crowding at bank branches, their widespread field installation makes them easily accessible in both urban and rural areas.

Advance Payment

An advance payment is a prepayment made before a service or product is delivered. In the purchasing process, this payment type builds trust for both the buyer and the seller. It is highly common, particularly in e-commerce, project-based businesses, and corporate agreements. While advance payments help businesses regulate their cash flow, they also provide the seller with the opportunity to initiate the production or preparation process. Imagine that you are commissioning a software development project or placing a large product order. This is exactly where an advance payment steps in as a form of collateral for the agreement. The seller can receive an advance payment at a specified rate before starting production. This method mitigates risks for both parties and ensures that the process progresses in a more orderly manner. The advance amount is typically specified in the contract, and the remaining payment is settled after delivery. In short, operations become more secure and planned for both the buyer and the seller.

Debit Card

A debit card is a payment card linked to your demand deposit account that allows you to spend or withdraw cash only up to the amount available in your account. Unlike a credit card, it does not incur debt or generate a monthly statement; your expenditures are instantly deducted from your account. In Turkey, debit cards can be used at POS terminals and ATMs with EMV chip, PIN, and contactless payment features. The TROY, Visa, and Mastercard logos are the ones most frequently encountered. With your debit card, you can shop in stores or online, and easily make invoice and institutional payments. Most banks also utilize the 3D Secure system for online shopping safety. Daily withdrawal and spending limits may vary from bank to bank. If your card is lost or stolen, it is crucial to call your bank immediately to cancel it. Special card options are available for users under the age of 18 and students, alongside virtual card alternatives. If you do not have a bank account, prepaid cards also offer a practical solution.

Banknote (Banknot)

Banknotes are paper currencies issued by a country's central bank and officially accepted as a legal tender. They feature denomination values, serial numbers, various security elements, and signatures. Compared to coins, banknotes offer a much more practical solution for high-value payments and constitute a major part of the money supply in circulation within the economy. In Turkey, the printing and regulation of banknotes belong to the Central Bank of the Republic of Turkey (CBRT). To prevent counterfeiting, advanced technologies such as watermarks, holograms, security threads, microprinting, and special inks are utilized in banknotes. Although digital payments and electronic money systems are spreading rapidly today, banknotes still continue to be an indispensable part of physical shopping. For instance, thanks to the electronic money, debit card, and virtual POS solutions offered in the Morpara ecosystem, you can now make digital payments safely and easily without carrying cash with you.

BRSA (Banking Regulation and Supervision Agency / BDDK)

The BRSA (BDDK) is an independent public institution established in Turkey to regulate and supervise the banking sector and to ensure financial stability. Operating under the Banking Law No. 5411, the BRSA oversees the licensing, merger, acquisition, and liquidation processes of institutions such as banks, financial leasing, factoring, and financing companies. Additionally, it sets standards for matters including capital adequacy, liquidity ratios, credit limits, and consumer protection. In recent years, it has also been managing regulations regarding new financial technologies such as digital banking, remote customer onboarding, and open banking. The decisions taken by the BRSA aim to ensure the safe and sustainable operation of the banking system. Morpara, as an electronic money institution licensed by the CBRT (Central Bank of the Republic of Turkey), falls outside the direct supervision of the BRSA. However, Morpara also operates in accordance with the financial security and consumer protection principles established by the BRSA.

BIN (Bank Identification Number)

BIN (Bank Identification Number) consists of the first six digits of payment cards and indicates which bank or financial institution issued the card. Thanks to this number, the card type (credit, debit, or prepaid card), its country of origin, and its payment network (such as Visa, Mastercard, or TROY) can be easily identified. In online shopping or at POS terminals, the BIN helps verify card details, thereby reducing the risks of fraud and misrouting. In Turkey, the allocation and management of BINs are carried out by the Interbank Card Center (BKM). With recent regulations, certain BIN blocks can now be issued to electronic money institutions as well. While BIN verification enhances transaction security, it also plays a significant role in card routing and commission calculations. Morpara is an electronic money institution that operates by using its own BIN range for its prepaid card and virtual POS products, enabling it to manage payments quickly, securely, and accurately.

Bitcoin

Bitcoin is the first digital currency produced via blockchain technology that operates without being tied to a central authority. It was developed in 2009 by a person or a group using the pseudonym Satoshi Nakamoto. Transactions made within the Bitcoin network are verified by computers (nodes) around the world and recorded in unalterable blocks. Every user can easily send and receive Bitcoin using the "public key" address in their digital wallet. One of the most remarkable features of Bitcoin is its limited supply; the total number of Bitcoins that can ever be produced is capped at 21 million. New Bitcoins are generated through a process called "mining," which simultaneously secures the network. Today, Bitcoin can be used as an investment tool, a store of value, and for global money transfers. However, it is important to remember that it possesses quite high volatility due to frequent price fluctuations, an unestablished regulatory framework, and certain security risks.

Blockchain

Blockchain is a secure and unalterable recording technology in which data is stored in a distributed structure of interconnected blocks instead of a central authority. Since each block contains the encrypted information of the preceding one, retroactively tampering with this chain structure becomes virtually impossible. This feature makes blockchain a reliable infrastructure for digital currencies, crypto assets, and financial transactions. Blockchain offers a system where transactions are verified by all participants in the network rather than a single institution. Consequently, risks of fraud, data loss, and manipulation are minimized. With additional features like smart contracts, operations in e-commerce, payment systems, and supply chains become more transparent and automated. Especially for the finance sector, blockchain stands out as a modern digital recording solution that provides speed, trust, and cost advantages.

Cross-Selling

Cross-selling is a way of recommending suitable additional products or complementary services to a customer alongside the product or service they are purchasing. This strategy is used both to increase sales and to offer a richer shopping experience to the customer. For instance, recommending a case, screen protector, or headphones to someone buying a mobile phone from an e-commerce site is an excellent example of cross-selling. In the financial sector, offering additional services such as insurance, automatic payment orders, or investment accounts to a bank customer while they are obtaining a credit card falls under this scope. For cross-selling to work, it is crucial to analyze customer needs well, personalize the recommendations, and present them at the right time. In digital channels, data analytics and AI-powered systems make this process both easier and more effective.

Framework Agreement

A framework agreement is a pre-prepared legal text that establishes the general terms in advance if multiple transactions or services are to be conducted between the parties. It is frequently encountered in fields such as finance, banking, insurance, and e-commerce. Thanks to this agreement, the hassle of preparing a separate contract for every single transaction is eliminated, and the rules under which the transactions will be carried out are clarified from the outset. For example, when a user of a payment institution or electronic money service approves the framework agreement while opening an account, they become subject to these general provisions for all subsequent transactions. Framework agreements cover the rights and obligations of the parties, pricing principles, transaction security, and confidentiality provisions, as well as the termination of the contract and how potential disputes will be resolved. In digital services, these agreements are usually approved electronically and hold legal validity under Law No. 6493. In short, when you check the "I have read and accept the agreement" box while signing up for a service online, you are actually accepting a framework agreement.

Digital Bank and Digital Wallet

A digital bank is a financial institution that provides banking services entirely through digital channels (such as a mobile application or website) without the need for a physical branch. All transactions, from account opening to money transfers, loan applications to investment transactions, and card management to customer support, can be easily handled remotely. Digital banks operate by obtaining a license under the digital banking regulation published by the Banking Regulation and Supervision Agency (BRSA). They stand out for their low operational costs, 24/7 accessibility, and user-friendly interfaces. Security is ensured through strong authentication, encryption, and open banking infrastructures. While digital banks transform the speed and cost structure of traditional banking, they offer innovative financial solutions to individual and SME customers.

Digital Lira

The Digital Lira is a central bank digital currency developed by the Central Bank of the Republic of Turkey (CBRT) and designed as the digital version of the Turkish Lira. In other words, it has no physical equivalent like paper money or coins; it circulates entirely in an electronic environment over secure infrastructures. The most significant difference of the Digital Lira is that, unlike existing electronic money or bank money, it is issued directly by the CBRT and backed by a government guarantee. The objective of this new currency is to make transactions within payment systems faster, lower cost, and executable even without an internet connection. Additionally, increasing financial inclusion is among its goals. The CBRT continues its R&D and testing activities through the Digital Turkish Lira Collaboration Platform, which it initiated in 2021. The Digital Lira aims to form the foundation of an infrastructure that can be used for both individual and corporate payments in the future, working integrated with smart contracts and digital identity solutions.

Foreign Currency - Foreign Currency Account

Foreign currency refers to foreign monies outside a country's own currency. Among the most widely used foreign currencies are the US Dollar (USD), Euro (EUR), and British Pound (GBP). Foreign currency is frequently used as a measure of value in international trade, investments, and financial markets. The exchange rate, on the other hand, indicates the value of a country's currency against another country's currency, and this value is influenced by many factors such as the supply-demand balance, interest rates, inflation, and political developments. In Turkey, foreign currency trading is generally carried out through banks, foreign exchange bureaus, and authorized electronic money institutions. All foreign currency transactions are regulated and recorded by the Central Bank.

Foreign Currency - Exchange Rates and Warnings

An exchange rate is the ratio showing how valuable one country's currency is against another country's currency. For instance, when we say "1 US Dollar = 45 TL," we are actually referring to the value of the Turkish Lira against the dollar. Exchange rates are affected by numerous factors such as the supply and demand balance, interest rates, inflation, foreign trade volume, and political developments. Under free market conditions, rates may change on a daily or even hourly basis due to these factors. The regulation and supervision of the foreign exchange market in Turkey belong to the Central Bank of the Republic of Turkey (CBRT). The CBRT can intervene in the market using monetary policies and foreign exchange reserves when necessary, thereby attempting to ensure price stability.

The exchange rate generally appears in two ways: the buying rate (the price at which banks buy foreign currency) and the selling rate (the price at which banks sell foreign currency).

Points to Consider:

• Since exchange rates change constantly, it is beneficial to check the current rate before executing any transaction.

• Excessive fluctuations in rates can pose risks, especially for importers, exporters, or those with foreign currency debt.

• Additionally, foreign currency transactions in electronic money and payment systems may be limited by legal regulations.

Foreign Currency Transfer

A foreign currency transfer means sending money in a foreign currency from one country to another, or between different accounts within the same country. The most commonly used system for these transactions is SWIFT (Society for Worldwide Interbank Financial Telecommunication). Thanks to the SWIFT network, money transfers between banks and financial institutions take place securely. Foreign currency transfers are generally made in currencies such as USD, EUR, or GBP. During submission, details such as receiver and sender information, IBAN or SWIFT code, bank name, and country information must be entered completely. The duration of the transaction can vary from a few hours to a few days, depending on intermediary banks and the differences between countries. Transfer fees may differ based on the choice of currency, the bank worked with, and the method of remittance. Furthermore, it is beneficial to take exchange rate differences and commission rates into account when making a foreign currency transfer.

What is EAN?

EAN, which stands for "European Article Number," is an international barcode system used for identifying products. Every product receives a unique EAN code specific to its manufacturer and type. This code, which is usually 13 digits long (EAN-13), appears in the form of a barcode on product packaging. Thanks to EAN codes, products can be identified quickly and accurately in inventory, sales, and logistics systems. At supermarket checkouts or on e-commerce sites, the product name, price, and supplier information automatically appear on the screen courtesy of this code. The EAN system is managed by the GS1 organization, which provides standardization worldwide. In Turkey, EAN codes are allocated to companies through GS1 Turkey (TOBB). Greatly facilitating product management in the e-commerce, logistics, and retail sectors, this system is also highly important for data integrity and supply chain tracking.

Electronic Funds Transfer - EFT

Electronic Funds Transfer (EFT) is the most common way to send money in Turkish Lira between different banks. The EFT system in Turkey is managed by the Central Bank of the Republic of Turkey (CBRT) and ensures that money is securely transferred electronically between banks. However, EFT transactions can only be conducted on business days and within the hours determined by the CBRT. A person wishing to send money transfers the funds to an account in another bank by entering the recipient's IBAN or account number, and this transaction is usually completed within a few minutes. EFT is sometimes confused with Havale; however, Havale is used for transfers made between accounts within the same bank. There is also a newer and faster version of EFT called the FAST (Instant and Continuous Transfer of Funds) system; thanks to FAST, it is now possible to send money 24 hours a day, 7 days a week. The fees charged for EFT transactions vary from bank to bank and are generally determined based on the amount sent.

Electronic Money 

Electronic money is essentially a system that allows you to make payments digitally without carrying cash in your pocket. Your money is stored electronically, and you can easily spend it whenever you want. Defined under Law No. 6493, this payment instrument can be used via your bank account, prepaid card, or mobile wallet, and it is backed by real money (such as the Turkish Lira). Thanks to electronic money institutions, you can load a balance into your account, shop, or execute money transfers. The funds you deposit are securely kept in the protection accounts of these institutions and are safeguarded on your behalf. Remember, electronic money is not a credit or deposit instrument; it is used solely for making payments. These days, it frequently appears across e-commerce sites, games, public transportation, and subscription systems.

Integration

Integration is a connection process that enables different systems, software, or processes to work together seamlessly. Especially in the worlds of technology and finance, integration enables data sharing, transaction synchronization, and the automation of workflows. For example, courtesy of an e-commerce site integrating with a payment infrastructure via an API, payments, invoices, and stocks are automatically updated after an order is placed. Integration in payment systems refers to the secure connection of solutions such as virtual POS, prepaid cards, invoice payments, and money transfers to the software of businesses. In this process, API keys, security certificates (SSL, TLS), and specific data standards are utilized. Accurate integration reduces the risk of errors, accelerates transactions, and significantly enhances the user experience.

E-Company 

An e-company is a modern business model that conducts many of its processes digitally, from its establishment to its management and daily operations. Thanks to electronic signatures, digital document management, and online commercial transactions, traditional office work and paperwork are completely replaced by a digital structure. In Turkey, the concept of e-company stands out particularly through online company registration made via MERSİS (Central Registry System), as well as e-signature, e-invoice, e-ledger, and e-archive applications. An e-company structure both reduces costs and saves time; it also makes operational processes more transparent. Many tasks such as tax returns, payrolls, and trade registry transactions can now be easily managed via digital platforms. Especially for businesses engaged in e-commerce, an e-company infrastructure makes integration with online sales channels highly practical. In short, e-companies move the business world to a faster, more efficient, and digital point.

E-Commerce

E-commerce, or electronic commerce, means the buying and selling of products or services over the internet. These transactions take place through websites, mobile applications, social media platforms, or online marketplaces. E-commerce can operate under different models such as Business-to-Consumer (B2C), Business-to-Business (B2B), or Consumer-to-Consumer (C2C). Many payment options, including credit cards, debit cards, digital wallets, and cash on delivery, facilitate transactions for users. Among the greatest advantages of e-commerce are 24/7 accessibility, low operating costs, reaching a broad customer base, and data-driven marketing opportunities. Of course, for a successful e-commerce process, elements such as a secure infrastructure, SSL certificate, virtual POS integration, inventory tracking, and customer experience management must not be overlooked. In Turkey, e-commerce activities are carried out within the framework of Law No. 6563 on the Regulation of Electronic Commerce.

FaaS (Function As A Service / Serverless Computing)

FaaS, which stands for "Function as a Service," defines the serverless cloud computing model. Thanks to this model, developers write and run only the functions they need without having to deal with infrastructure management. The application steps in when a user request arrives, and resource utilization automatically terminates when the transaction is completed. Thus, the system achieves a structure that is scalable, cost-effective, and maintenance-free. FaaS solutions are generally provided through platforms such as AWS Lambda, Google Cloud Functions, or Microsoft Azure Functions. This model is very widely used in areas like payment systems and e-commerce infrastructures for managing short-term microservices such as payment approval, notification dispatch, invoice generation, or data processing. It offers advantages for developers including rapid development opportunities, automatic scaling, and minimal operational overhead.

Finance

Finance is a branch of economics that encompasses all processes related to the management of money, investments, assets, and resources. It helps individuals, businesses, and institutions balance their income and expenses, use their capital wisely, and make sound financial plans for the future. In short, finance is one of the cornerstones of modern commerce and a force that drives most economic decisions. The world of finance includes many different areas such as banking, investment, credit management, risk analysis, budgeting, payment systems, and capital markets. For businesses, finance is the key to sustainable growth. Good financial management regulates cash flow, optimizes investments, and minimizes potential risks. Alongside e-commerce and the digital economy, financial technologies (fintech) are transforming the sector by offering more secure, fast, and low-cost solutions. Morpara brings modern financial technologies together with user-friendly solutions, allowing businesses to manage their payment, collection, and financial processes more efficiently.

Fintech (Financial Technology)

Fintech, short for "Financial Technology," is a term that refers to the reshaping of financial services through its intersection with technology. Fintech companies develop digital solutions in areas such as banking, payments, insurance, investment, and money transfers, making transactions much faster, more accessible, and user-friendly. Mobile wallets, digital banks, crypto asset platforms, virtual POS solutions, and automated investment systems are just a few of the examples frequently encountered in the fintech world. Operating much more agilely than traditional financial institutions, fintechs utilize today's advanced technologies such as APIs, artificial intelligence, big data, and cloud computing. Activities in the fintech field in Turkey are conducted within the framework of Law No. 6493 and the regulations set by the CBRT and the BRSA. The fintech ecosystem has a dynamic structure consisting of banks, payment institutions, electronic money companies, and technology startups.

Fund - Fund Return

A fund is a collective investment vehicle where investors pool their savings into portfolios managed by professional managers. Gathering the money of numerous investors in a single pool, funds direct these resources into financial instruments such as stocks, bonds, promissory notes, foreign currency, gold, or other assets. Investment funds in Turkey are regulated by the Capital Markets Board (SPK) and are divided into types such as money market, equity, mixed, commodity, or foreign currency funds according to their risk-return profiles.

Fund return refers to the total of principal + earnings obtained by an investor when they sell their fund participation shares. The return varies depending on the performance of the fund, market conditions, and management expenses. If the return is positive, a profit is made; if it is negative, a loss occurs. Fund refunds generally take place within a few business days following the sale request. Fund investment is an important financial tool for utilizing savings thanks to risk diversification and the advantage of professional management.

FAST (Instant and Continuous Transfer of Funds)

The FAST system, which stands for "Instant and Continuous Transfer of Funds," is a CBRT infrastructure in Turkey that allows you to make instant money transfers 24 hours a day, 7 days a week. Unlike the traditional EFT system, Turkish Lira transactions between different banks are completed within seconds via FAST. This means you can send and receive money whenever you wish without waiting for working hours or the weekend. In FAST transactions, it is also possible to transfer money using a mobile phone number, T.C. identity number, or email address instead of an IBAN. This convenience is provided courtesy of the easy addressing system called KOLAS. Security is protected by multi-factor authentication and a secure interbank messaging protocol. Not only individual users but also businesses can easily utilize the FAST system for payments, collections, or payroll distributions. In short, FAST is an important part of the Central Bank of the Republic of Turkey’s digital transformation vision and aims to spread an instant transaction culture in payment systems.

Forex (Foreign Exchange)

Forex, short for "Foreign Exchange," refers to the international currency market. It is the world's largest and most liquid financial market, where the currencies of different countries are traded against one another. Transactions in Forex are generally carried out through currency pairs, such as EUR/USD or USD/TRY. When buying one currency, you sell the other. Transactions in this market continue 24 hours a day during weekdays, and prices change constantly. The reason prices are so volatile is due to many factors such as the supply-demand balance, interest rates, inflation, and geopolitical developments. The Forex market is a platform actively used not only by individual investors but also by central banks, commercial banks, hedge funds, and large corporations. In Turkey, leveraged trading transactions are under the supervision of the SPK and can only be executed through licensed brokerage houses. Lastly, because prices in the Forex market can be highly volatile, investors must pay close attention to risk management. Remember, risk is just as much a part of this business as profit!

Franchise 

A franchise means a brand granting the right to use its product, service, or business model to another entrepreneur in exchange for a specific fee and contract. In this system, the brand shares not only its name but also its business model, training, and support services. While the person buying the franchise (franchisee) runs their business in accordance with the standards set by the brand, the franchisor is responsible for protecting brand integrity and quality. The franchise system is highly common, particularly in quick-service restaurants, supermarket chains, educational institutions, and the retail sector. Entrepreneurs get the chance to step into the market with a strong and well-known brand without taking the risk of creating a brand from scratch. The contract includes important clauses such as how the brand will be used, training processes, territory protection, advertising contributions, and the duration of the agreement. Franchise practices in Turkey are carried out within the framework of the Turkish Franchising Association (UFRAD) and relevant commercial legislation.

Fraud

Fraud refers to transactions carried out in finance and payment systems with the intent to deliberately deceive or gain unfair advantage. You usually hear this term as "sahtecilik" or "dolandırıcılık" in Turkish. Fraud can manifest in many different ways, such as card details theft, identity fraud, deception through fake websites (phishing), interception of one-time passwords (OTP), chargeback abuse, or fake account creation. Fraud experienced in payment systems can lead to serious financial losses and trust issues for both users and institutions. Therefore, banks and financial institutions try to analyze suspicious transactions instantly using Fraud Detection Systems. Technologies such as machine learning, behavioral analysis, and risk scoring are also among the methods frequently applied in combating fraud. The most basic precautions for users are actually quite simple: using a strong password, activating 3D Secure verification, and sharing card details only on trusted sites constitute your first line of defense against fraud.

Fulfillment

Fulfillment, particularly in the e-commerce and logistics sectors, encompasses the entire operational process that an order goes through until it reaches the customer. In other words, all steps from receiving the order to retrieving and packaging the product from the warehouse, handing it over to the cargo company, and tracking the delivery are a part of this process. Some fulfillment centers go beyond this to offer additional services such as return management, inventory tracking, product labeling, and quality control. For e-commerce businesses, fulfillment is an indispensable component of customer satisfaction. Thanks to a professional fulfillment service, orders are delivered on time, error rates are kept low, and operational costs decrease. Especially large-scale e-commerce platforms and brands generally prefer to work with 3PL (Third Party Logistics) partners to manage this process more efficiently. Fulfillment technologies also play a major role today. Thanks to inventory management software, API integrations, and real-time cargo tracking, all processes are digitalized and can be managed much more easily.

Trust Stamp

The Trust Stamp is an official certificate indicating that e-commerce sites and online service providers meet specific security and consumer protection standards. In Turkey, this system is operated by the Union of Chambers and Commodity Exchanges of Turkey (TOBB) under the supervision of the Ministry of Trade. Websites holding the Trust Stamp must satisfy designated criteria in areas such as personal data protection, the security of payment infrastructure, privacy policy, data encryption (SSL/TLS), and customer service. Thanks to this certificate, users can be confident that the platform they are shopping on is reliable, which increases consumer trust in e-commerce. During the application process, sites undergo technical audits and are subjected to system security and data protection tests. The Trust Stamp logo is prominently displayed on the site's homepage and can be verified when clicked. This practice both protects the consumer and strengthens the brand reputation of businesses.

Remittance / Wire Transfer

A remittance is the term given to a money transfer made between two accounts located within the same bank. That is, since both the sender's and the recipient's accounts are at the same bank, the transaction takes place entirely within the bank's own system and is often completed instantly. You can easily perform a remittance transaction via the mobile banking application, internet banking branch, an ATM, or by going directly to a bank branch. Moreover, it is possible to send a remittance either in Turkish Lira or in a foreign currency. The most fundamental difference between a remittance and an EFT (Electronic Funds Transfer) is that a remittance can only be made between accounts within the same bank. In other words, if you want to send money between different banks, you must use EFT. During the remittance process, entering the recipient's name, account number, or IBAN information is sufficient. Many banks offer the opportunity to make a remittance 24 hours a day, 7 days a week, regardless of transaction hours. Of course, a transaction fee or a specific limit may be applied in certain cases. A remittance is a fast, secure, and generally low-cost money transfer method for both individual and corporate users. We can say that it is one of the most preferred methods, particularly for scenarios like salary, rent, or current account payments.

Difference Between Remittance and EFT

Remittance and EFT (Electronic Funds Transfer) are the two most common ways to send money through banks. The main difference between them is which banks the money moves between. A remittance is a money transfer made between two accounts within the same bank and usually occurs instantly. For example, when you send money from an account at Bank ABC to another account also at Bank ABC, this transaction is called a remittance. EFT, on the other hand, allows you to transfer Turkish Lira between different banks. This transaction is carried out over the Electronic Funds Transfer system of the Central Bank of the Republic of Turkey (CBRT) and can only be done on business days, between specific hours. However, courtesy of the FAST system that has entered our lives in recent years, it has now become possible to instantly transfer money between different banks 24 hours a day, 7 days a week. In short, while a remittance takes place within the same bank and usually occurs instantly; EFT is carried out between different banks, over the CBRT infrastructure, and during specific hours. FAST has made this process even easier, rendering interbank transfers accessible at any moment.

IBAN (International Bank Account Number)

An IBAN, short for "International Bank Account Number", is a number format that enables bank accounts to be identified in accordance with international standards. It was developed by the European Committee for Banking Standards (ECBS) and aims to transmit account information accurately and securely in money transfers. In Turkey, an IBAN consists of a total of 26 characters and begins with the country code "TR". This is followed by two check digits, a bank code, and the customer's account number. Thanks to this structure, accounts can be easily and error-free identified in both domestic and international money transfers. Using an IBAN reduces the risk of sending money to the wrong account, accelerates transfer transactions, and lowers transaction costs. It is mandatory to enter the correct IBAN information in money transfers such as EFT, remittance, FAST, or SWIFT. Since 2010 in Turkey, the use of IBAN has been made compulsory through regulations by the Interbank Card Center (BKM) and the Central Bank of the Republic of Turkey (CBRT).

Cancellation / Refund / Partial Refund

Concepts such as cancellation, refund, and partial refund are among the fundamental steps that regulate the flow of funds between users and sellers, particularly in payment systems and e-commerce transactions. A cancellation transaction is a halt executed before the payment is completed by the bank or payment institution—that is, while it is still in the authorization (provision) phase. In this case, the money is not withdrawn from the consumer's account or becomes available for use again within a very short time. A refund, on the other hand, is the return of the paid amount to your card after the transaction has been completed, due to reasons such as non-delivery of the product or service, exercise of the right of withdrawal, or dissatisfaction. The time it takes for a refund to reflect on the account may vary depending on the bank and payment method used. A partial refund means that if only a portion of the purchase is canceled, the amount corresponding to that specific portion is paid back to the customer. Unlike the chargeback process, all these transactions are initiated directly by the seller or the payment institution and play an important role in maintaining customer satisfaction.

Card Issuer (Issuer)

A card issuer, known as an "issuer" in English, refers to the financial institutions that offer debit cards, credit cards, or prepaid cards to customers, manage them, and are responsible for the transactions made with these cards. These institutions evaluate card applications, determine card limits, handle card production, and manage customer relations. When customers shop with their cards or wish to withdraw cash, the issuer steps in: it checks the cardholder's account, performs the necessary security checks, and either approves or declines the transaction. Card issuers in Turkey include banks and electronic money institutions licensed by the Central Bank of the Republic of Turkey (CBRT). Issuers also provide integration with the payment network that the card belongs to (such as Visa, Mastercard, Troy) and conduct clearing and settlement processes following transactions. On the security side, they protect their customers' transactions with technologies such as 3D Secure, EMV chips, and tokenization.

Card Number

A card number is the unique identity of a payment card (credit, debit, or prepaid card) and generally consists of a 16-digit number located on the front of the card. Thanks to this number, it can easily be determined which bank or institution the card belongs to, which payment network (such as Visa, Mastercard, Troy) it is connected to, and the associated account. The first six digits of the card number are called the BIN (Bank Identification Number) and indicate the institution that issued the card. While the subsequent digits represent the customer's account, the final digit is the check digit used for validation (calculated with the Luhn algorithm). The card number is typically used in payment transactions along with the CVV/CVC code on the back of the card. For your security, it is highly important not to share your card number with others and not to store it in open environments. In online shopping, additional security measures such as 3D Secure and tokenization help protect the confidentiality of your card information.

Card Scheme

A card scheme is an organizational structure in payment systems that establishes the standards, rules, and infrastructure governing how card transactions take place. Referred to as a "card scheme" in English, this structure ensures secure data flow between the card-issuing banks (issuers), card-accepting institutions (acquirers), transaction gateways, and clearing-settlement systems. Visa, Mastercard, American Express, and Turkey's domestic card network TROY are examples of the best-known card schemes. Card schemes manage how transactions flow, the pricing structure, security protocols (such as EMV, 3D Secure, tokenization), and compliance with international standards. The logo you see on a card indicates which scheme that card belongs to and on which networks it is valid. Thanks to card schemes, card payments work securely, quickly, and compatibly worldwide. In Turkey, the standard and technical regulations of card payment systems are coordinated by the Interbank Card Center (BKM).

Credit

Credit is a debt that a person or an institution takes from banks under specific conditions to meet their financial needs. Generally, this obtained amount is paid back at the end of a designated period with interest added onto it. Bank loans help individuals meet their daily needs or assist businesses in financing their investments. During a credit application, banks look at the applicant's income level, credit score, and payment history. This information plays a major role both in the approval of the credit and in determining the interest rate to be applied. When managed correctly, credit can be a powerful tool that makes it easier to achieve your financial goals. Of course, it is beneficial to use it carefully!

Credit Card

A credit card is a practical payment tool that offers the cardholder the opportunity to shop without using cash and pay their debt later, within a spending limit determined by the bank or financial institution. In other words, when you shop with your credit card, instead of making the payment immediately, you can perform it on the designated statement date as a single payment or in installments. Credit cards can be used both in stores via a POS device and for shopping over the internet. Information located on the card, such as the BIN number, card number, expiration date, and CVV, is used to verify your identity during transactions. Credit cards generally operate with card schemes such as Visa, Mastercard, American Express, or the domestic system TROY. Additionally, the security of your card is enhanced courtesy of technologies like 3D Secure, EMV chips, and tokenization. Using a credit card offers the chance to control your expenses more easily, benefit from points and campaign advantages, and split your payments into installments. However, remember: if you do not pay your debt on time, interest will be applied, and this can lead to additional costs. That is to say, while a credit card makes your life easier, gaining a regular payment habit is also highly important!

Credit Bureau of Turkey (KKB)

The Credit Bureau (KKB) is an institution that enables financial institutions in Turkey to share credit and financing information with one another, thereby helping to measure credit risk. Established in 1995 by nine major banks, KKB has evolved today into a broad structure serving many member institutions such as financing, factoring, and leasing companies in addition to banks. The most well-known product of KKB is the Findeks Credit Score. This score summarizes the credit history of both individuals and businesses. While your credit score is calculated, your credit card and loan payments, debt amount, and general financial habits are taken into account. KKB attaches great importance to the protection of personal data, information security, and a transparent financial system. The reports prepared by the institution are used by banks and other financial institutions to perform risk assessments during credit applications. Thanks to this system, the risk of default decreases for lending institutions, while the financial reputation of those wishing to utilize credit is measured in a healthier manner.

Cryptography

Cryptography is the name given to the task of encrypting and decrypting data to prevent information from falling into the hands of others or being altered without authorization. In short, we can call it the science of encryption. The primary purpose of cryptography is to protect the confidentiality of communication, ensure data integrity, perform authentication, and guarantee the non-repudiation of transactions. Today, cryptography has become one of the cornerstones of data security courtesy of mathematical algorithms, key management, and secure communication protocols. Modern cryptography relies on methods such as symmetric-key encryption (e.g., AES, DES), asymmetric-key encryption (e.g., RSA, ECC), and hashing functions (e.g., SHA-256, MD5). These techniques appear across many fields, from banking transactions to digital signatures, and blockchain technology to authentication systems. In short, cryptography sits right at the heart of the digital age's security infrastructure. It makes our lives more secure at many points, from online payments to digital wallets, and the protection of our personal data to our daily internet usage.

What is KVKK?

KVKK, which stands for the "Law on the Protection of Personal Data", is a law prepared to protect all of us regarding how our personal information is collected, stored, and shared. Entering into force on April 7, 2016, and also known as Law No. 6698, KVKK adopts rules similar to the European Union's famous GDPR (General Data Protection Regulation). According to KVKK, any kind of information that can identify you directly or indirectly, such as your name, T.C. identity number, contact details, IP address, or financial information, is considered "personal data". Such data cannot be processed or shared with others without your explicit consent. Additionally, companies and institutions that process this data are obligated to keep your information secure, register with the recording system called VERBİS if necessary, and inform the Personal Data Protection Authority if any data breach occurs. The main purpose of KVKK is to ensure the security of our personal information in a rapidly digitalizing world and to encourage institutions to process data in a more transparent, responsible manner. In other words, it exists so that you stay in control of your information!

KYC (Know Your Customer)

KYC, short for "Know Your Customer", translates to "Müşterini Tanı" in Turkish. This concept refers to a legal compliance process that financial institutions apply to verify their customers' identities, monitor their transactions, and prevent risks such as money laundering (AML) or the financing of terrorism. In the KYC process, details such as the customer's identity information, address, contact information, and income status are verified prior to account opening or any financial transaction. At this stage, an identity document, a utility bill or an official document for address verification, and, when necessary, biometric verification methods are generally utilized. Institutions update this KYC data at regular intervals and make the necessary notifications when they detect a suspicious transaction. KYC is a fundamental part of ensuring compliance with international regulations (such as FATF, AMLD, Basel) for financial institutions like payment institutions, electronic money companies, banks, and investment firms. A strong KYC system both protects the integrity of the financial system and increases the security of customers. In short, it creates a secure financial environment for both institutions and customers.

Payment by Link

Payment by link is a practical digital method that enables a seller or service provider to collect payments by sending a customized link (URL) to the customer. In this method, a link is transmitted to the buyer; when the buyer clicks on this link, they are redirected to a secure payment page and easily complete their transaction by entering their card details. Generally, this payment link is shared via email, SMS, social media, or messaging applications. The payment-by-link method allows businesses with a virtual POS infrastructure to collect payments online without needing a physical POS device. It is a highly attractive solution, especially for small businesses operating outside of e-commerce, freelancers, and entrepreneurs who sell over social media. Furthermore, it offers a secure environment for both the seller and the buyer with security measures such as 3D Secure protection, transaction records, and instant notifications. In short, payment by link brings a modern and user-friendly alternative to traditional payment methods by being fast, easy, and accessible from anywhere.

Mail Order

Mail order is a method that allows customers to make remote payments by sharing their card details when they are not physically present in the store. It is also known as "posta emri" or "telefonla ödeme" in Turkish. In this method, the customer transmits their credit card or debit card details (such as card number, expiration date, CVV) to the seller via email, telephone, or a written form. The seller then uses this information to perform the transaction manually over a mail order POS device. Mail order was used quite frequently, especially before the widespread adoption of e-commerce, in hotel, travel agency, insurance, and reservation transactions. However, today, with the emergence of more secure alternatives like 3D Secure, tokenization, and digital payment links (payment by link), the use of mail order has decreased significantly. This is because sharing card details with third parties in this method can increase the risk of fraud. For this reason, mail order is now preferred in a more limited manner, solely within secure systems and with the customer's explicit consent.

Financial Crimes Investigation Board (MASAK)

The Financial Crimes Investigation Board, short for MASAK, is an official institution attached to the Ministry of Treasury and Finance, working to combat money laundering and the financing of terrorism. Established in 1996, the primary purpose of MASAK is to protect the transparency of the financial system, prevent the laundering of proceeds of crime, and analyze suspicious financial transactions. Among the main duties of MASAK are evaluating suspicious transaction reports (STR/ŞİB) coming from financial institutions, performing analyses, forwarding this information to relevant investigative units when necessary, and carrying out both national and international collaborations. Additionally, MASAK supervises the implementation of anti-money laundering (AML) and know-your-customer (KYC) processes. Financial institutions such as banks, electronic money institutions, and payment service providers are obligated to know their customers and keep records according to MASAK legislation. MASAK plays a key role in ensuring trust, transparency, and legal compliance within the financial system.

MERSİS Number

A MERSİS number is the unique identification number assigned to commercial enterprises and companies in Turkey. This number is issued through the Central Registry System (MERSİS). MERSİS is an information system developed by the Ministry of Trade that enables trade registry transactions to be carried out entirely in an electronic environment. A MERSİS number is automatically assigned by the system to every business during its establishment phase, and this number functions like the company's digital identity. A MERSİS number is unique, just like a T.C. identity number, and is used across many fields ranging from trade registry records to e-government transactions, e-invoices, e-waybills, and e-company establishment processes. All commercial information such as the company's title, address, capital structure, partnership details, and field of activity is stored digitally in this system. Thanks to MERSİS, companies can handle their official transactions much more quickly and easily, paper waste is reduced, and commercial data can be shared securely.

Mobile Banking 

To explain it briefly, mobile banking is a digital service through which banks offer their customers the opportunity to perform financial transactions via smartphone or tablet applications. That is, courtesy of the phone in your pocket, you can handle many transactions such as money transfers (EFT, remittance, FAST), invoice payments, foreign currency trading, loan applications, investment transactions, and card management quickly and securely. The best part is that as long as you have an internet connection, you can execute your transactions at any hour of the day and wherever you may be. When it comes to security, banks act very meticulously; your information is kept under protection with multi-factor authentication, biometric login (fingerprint or facial recognition), one-time passwords (OTP), and advanced encryption protocols. Furthermore, mobile banking applications offer practical features like personalized notifications, budget tracking, and virtual assistants to improve the user experience even further. In short, as one of the most common and life-facilitating examples of digital transformation, mobile banking continues to be used securely in Turkey under BRSA and CBRT regulations.

What is Mobile Payment?

Briefly, mobile payment is a method that allows you to make digital payments for products and services using your devices such as smartphones, tablets, or smartwatches. In this system, the payment transaction generally takes place via a mobile application, SMS, QR code, NFC (near field communication), or a mobile wallet. Your card details are often encrypted on the device in a special way (via the tokenization method), and your actual card details are never shared during payment. Thanks to mobile payment, you can make fast and contactless payments without needing a physical POS device. It is very widely used, particularly for grocery shopping, public transportation, online shopping, games, and subscription services. In Turkey, these services are offered through the collaboration of operators and payment institutions licensed by the CBRT under Law No. 6493. While mobile payment offers a practical, fast, and secure solution for users, it stands out as a low-cost and user-friendly collection method for businesses.

What is Mobile Commerce / M-Commerce?

Mobile commerce (or m-commerce for short) refers to the process of buying and selling goods and services via smartphones, tablets, or other mobile devices. Seen as a sub-branch of e-commerce, mobile commerce makes it possible for you to shop wherever you are, as long as you have an internet connection. These transactions typically take place through mobile applications or mobile-compatible websites. User experience is highly important in mobile commerce; speed, easy access, and secure payment infrastructure directly impact this experience. Payment transactions are mostly done using methods like mobile wallets, QR codes, NFC contactless payments, or virtual POS integrations. Additionally, courtesy of personalized notifications, location-specific campaigns, and recommendation systems based on user data, the sales potential of mobile commerce increases. In Turkey, mobile commerce constitutes a significant portion of the e-commerce volume and plays a key role in the digital transformation strategies of businesses.

mPOS

An mPOS (Mobile POS) is a portable POS system that makes it possible to accept payments via mobile devices such as smartphones or tablets. It is a much smaller, more flexible, and economical alternative compared to traditional POS devices. Thanks to mPOS solutions, businesses can accept credit cards, debit cards, or contactless payments anywhere there is an internet connection. This system generally consists of a small card reader connected to a smartphone via Bluetooth or a cable, and a mobile application. All transactions are executed in accordance with security standards such as EMV, NFC (contactless), and 3D Secure. mPOS offers a highly practical solution, especially for restaurants without a fixed cash register, field sales teams, couriers, and fair or event participants. Courtesy of its low-cost infrastructure, mPOS technology allows SMEs and micro-businesses to transition to digital payment systems quickly and easily.

Correspondent Bank / Correspondent Bank Fees

A correspondent bank is a partner bank that steps in when a bank does not have a direct branch in another country or region, executing banking transactions in that country on behalf of the bank. This is called a "correspondent bank" in English. Thanks to this system, banks can easily perform services such as international money transfers (SWIFT), foreign currency transactions, check collections, foreign trade letters of credit, and foreign currency account management through correspondent banks abroad. Correspondent banks are virtually the backbone of the global financial network and serve as a bridge between the sending and receiving banks, particularly in foreign currency transfers. During these transactions, a service fee under the name of "correspondent bank fee" may be charged; this fee can vary depending on the transfer amount, the currency used, the number of intermediary banks, and the country. Generally, this fee is deducted from the transaction amount or shared between the sender and the receiver. In short, the correspondent banking system is an important mechanism that ensures international trade and cross-border payments are conducted securely and orderly.

NFC (Near Field Communication)

NFC, short for "Near Field Communication", is a communication technology that provides wireless data transfer over short distances. Generally operating within a distance of only a few centimeters, NFC allows you to establish a fast and secure connection between two devices. You can encounter this technology in many devices ranging from smartphones to contactless credit cards, POS devices, and smart wristbands. NFC is used very widely, particularly in contactless payment systems, mobile wallet applications (such as Apple Pay, Google Pay, or Troy Mobile Wallet), and access control systems. To make a payment, it is sufficient to bring your card or phone close to the POS device; the transaction is completed within seconds. Furthermore, because the data transfer is encrypted, you can have peace of mind regarding security. Moreover, its transaction speed is quite high. Compared to technologies like QR codes or Bluetooth, NFC consumes less energy, and courtesy of its contactless transaction convenience, it has virtually become a standard in digital payments. In short, thanks to NFC, you can handle your daily transactions both quickly and securely.

Shared ATM

The Shared ATM system offers a convenience that enables customers of different banks to perform basic banking transactions through a single ATM network. In Turkey, this system is coordinated by the Interbank Card Center (BKM). This means that without having to look for your own bank's ATM, you can withdraw money, inquire about your balance, deposit money, or change your card PIN from another bank's ATM. This system provides a great advantage, especially in regions where your bank's ATM is not present, making banking services more accessible for everyone. Of course, when you use shared ATMs, the bank where you perform the transaction generally charges a small commission or service fee; the amount of this fee can change based on both the bank and the transaction you perform. The shared ATM infrastructure saves time for both individual and corporate customers and offers a much wider service network. A large portion of ATMs in Turkey now work integrated with this system, allowing customers to easily access banking transactions 24 hours a day, 7 days a week.

Authorization

Authorization means the approval of a transaction by the bank or the card-issuing institution while making a card payment. It comes from the word "authorization" and verifies that the transaction takes place in a valid, secure, and authorized manner. During payment, the POS device or virtual POS transmits the card details to the card-issuing bank via the relevant payment network (such as Visa, Mastercard, Troy). The bank then reviews the validity of the card, the balance or credit limit, and security controls (such as CVV, 3D Secure, fraud control). Following this, it either approves or declines the transaction. When authorization is completed, the transaction amount is deducted from the cardholder's available limit or temporarily blocked. This step provides an extra layer of security in payment systems for both the customer and the business. Transactions made without authorization are not considered valid and are not processed within the financial system. In short, without authorization, there is no shopping.

Cash Register / Electronic Cash Register (ÖKC)

An Electronic Cash Register (ÖKC), popularly known as a "yazar kasa", is an electronic device that records payment transactions made by businesses while selling goods or services, capturing them for tax audit purposes. In Turkey, the use of ÖKC has been made mandatory under Tax Procedure Law No. 213 and the regulations of the Revenue Administration (GİB). Today, new generation ÖKCs work compatibly with modern payment systems. This means transactions such as credit cards, debit cards, or contactless payments can be recorded directly courtesy of POS integration. Thus, sales information is simultaneously transferred both to the Revenue Administration's system and to the business's own accounting infrastructure. Thanks to ÖKCs, businesses can easily perform tasks like issuing invoices or receipts, preparing daily sales reports, and managing fiscal memory in a digital environment. This system increases tax transparency while reducing manual errors and making audit processes highly practical.

Prepaid Card

Prepaid cards are practical and cashless payment tools into which users load money in advance and can only spend up to that balance. They operate independently of a bank account; meaning, you can spend or transfer money only to the extent of the funds available on your card. Unlike credit cards, you use only your existing balance instead of incurring debt. Generally offered by banks or electronic money institutions, these cards can be used comfortably both in stores and for internet shopping. Prepaid cards offer many advantages: you can easily control your budget, use them as gift cards, provide a safe spending alternative for youths, and enjoy great convenience during travels. Loading money onto your card is also quite easy; you can add balance via bank transfer, through a mobile application, or at authorized sales points. Prepaid cards are secure because they are equipped with modern protection standards such as EMV chips, PINs, and 3D Secure. In Turkey, prepaid cards are regulated under Law No. 6493 by electronic money institutions licensed by the CBRT.

Currency - Currency Code - Currency Notes

Currency is the official medium of exchange that a country relies on to measure economic value and use in trade. In other words, what we pay when buying bread at the market, receive as our salary, or use to price a coffee is actually the currency. Every country has its own unique currency issued by its respective central bank. For instance, while the Turkish Lira (TL) is used in Turkey, the US Dollar (USD) is valid in the United States. To prevent confusion in international transactions, each currency is assigned a three-letter code according to the ISO 4217 standard. For example, the Turkish Lira is coded as "TRY", the Euro as "EUR", the US Dollar as "USD", and the British Pound as "GBP". Currencies can exist both physically—as the banknotes and coins we carry in our pockets—and digitally, such as electronic money or digital lira. The value of a currency can change depending on many factors such as inflation, interest rates, foreign exchange reserves, and economic stability. Globally, certain currencies like the US Dollar (USD), Euro (EUR), and Japanese Yen (JPY) are accepted as reserve currencies; meaning, countries frequently use these currencies in international trade and foreign exchange reserves. In Turkey, the printing of the currency and the management of monetary policies belong to the Central Bank of the Republic of Turkey (CBRT).

Money Transfer Limit

A money transfer limit refers to the highest amount of money a user can send or receive within a specified period (for example, daily, weekly, or monthly). These limits are established by banks, electronic money institutions, or payment service providers to ensure security, prevent money laundering, and comply with legal regulations. Transfer limits may vary depending on the transaction type (such as EFT, remittance, FAST, or foreign currency transfer), the user segment (individual or corporate), and the channel through which the transaction is made (mobile banking, internet, or branch). For example, the limit determined per transaction by the Central Bank of the Republic of Turkey (CBRT) for the FAST system is currently 50,000 TL, and this amount may be updated periodically. Additionally, limits for prepaid cards or electronic money accounts are restricted by upper limits set by Law No. 6493 and CBRT regulations. In short, transfer limits are dynamically managed to ensure user security, reduce the risk of fraud, and keep transaction volumes under control.

Money Transfer

Money transfer means a person or institution sending a specific amount of money to another account or person. This transaction can be carried out within the same bank (remittance/havale), between different banks (EFT), via instant systems (FAST), or over international networks (SWIFT). The primary purpose of a money transfer is to send money securely in a digital environment without the need to carry cash. During the transfer, information such as sender and recipient details, IBAN or account number, the amount to be sent, and a description are typically entered. Banks, electronic money institutions, and financial technology companies offer these services in compliance with the rules set by the CBRT and the BRSA. If a foreign currency transfer is to be executed, correspondent banks and international money transfer systems step in. Today, money transfers can often be completed within seconds; however, the transaction limit, fee, and duration may vary according to the selected transfer method.

Marketplace

A marketplace is an online commerce model where multiple sellers can present their products or services to customers through a single digital platform. In this system, the platform brings sellers and buyers together; it manages the sales, payment, logistics, and customer support processes. While sellers display their products by opening their own storefronts, customers find the opportunity to compare different brands and make purchases on the same platform. Marketplaces are one of the most important components of the e-commerce ecosystem. Platforms such as Trendyol, Hepsiburada, ÇiçekSepeti, Amazon, and N11 in Turkey, and Amazon, eBay, and Etsy on a global scale can be shown as examples. These platforms generally operate on a commission-based revenue model and take a specific percentage from sales. The marketplace model enables small businesses to gain online visibility, while allowing consumers to access a wider range of products.

PCI-DSS (Payment Card Industry Data Security Standard)

PCI-DSS, short for "Payment Card Industry Data Security Standard", is a set of international standards created to ensure data security in card payment transactions. It was developed by major card companies such as Visa, Mastercard, American Express, Discover, and JCB. Its fundamental purpose is to protect sensitive data like cardholder information, card numbers, CVVs, and expiration dates against unauthorized access, leaks, or misuse. PCI-DSS defines 12 basic requirements—such as data protection, network security, access control, and regular security testing—for all institutions working with payment systems. Complying with these standards is mandatory for banks, payment institutions, e-commerce sites, and service providers that process card data. PCI-DSS compliant infrastructures prevent data breaches, reduce the risk of fraud, and increase user trust. In short, it is an indispensable part of modern payment systems in terms of security.

POS (Point Of Sale)

POS, short for "Point of Sale", refers to the electronic device or software system that executes payment transactions at retail locations. It is generally known as a POS device. When a customer wishes to complete a purchase using a credit card, debit card, or contactless payment method, the POS device transmits this transaction to the card-issuing bank over the payment network (such as Visa, Mastercard, Troy). After checking the card's balance or limit, the bank approves the transaction (this is called authorization), and the amount is transferred to the merchant's account. POS systems are not limited solely to physical devices; they can also be utilized in different forms such as virtual POS, mobile POS (mPOS), or integrated software POS. Today's modern POS devices support many features such as contactless payment, payment via QR code, multi-currency support, installments, and refund transactions. Thanks to the POS infrastructure, sales transactions in the retail, restaurant, e-commerce, and service sectors are completed quickly, securely, and in a recorded manner. In short, POS systems have become an indispensable technology that makes life easier for both businesses and customers.

Provision / Authorization Hold

Provision refers to a transaction made in card payment systems being temporarily approved by the card-issuing bank and the transaction amount being temporarily blocked. That is, the payment amount is not immediately withdrawn from the cardholder's account; instead, it is set aside by being deducted from the spendable balance or credit limit. The transaction becomes finalized after it is verified by the bank and the payment network (such as Visa, Mastercard, Troy), and this amount is then transferred to the merchant's account. The provision process frequently appears particularly in hotel reservations, car rentals, e-commerce, and virtual POS transactions. The purpose of this is to ensure the accuracy of the transaction and provide payment security for the cardholder. If the transaction is not canceled or refunded within a specific period, the provision automatically converts into a collection. This system offers a secure payment experience for both businesses and users, reduces the risk of fraud, and ensures that transactions are recorded correctly.

Reference Number

A reference number is a unique number automatically generated by the system to distinguish one transaction or record from others. It frequently appears especially in banking, payment systems, e-commerce, and call center transactions. A different reference number is generated for each transaction; thus, money transfers, card payments, orders, or support requests can be tracked easily. In payment transactions, this number is automatically assigned by banks or payment institutions and is used to verify the accuracy of the transaction for both the sender and the receiver. If you wish to learn the status of a transfer or report a problem, you generally need to share this reference number. Reference numbers are usually a unique string of 10 to 20 characters consisting of letters and digits. Thanks to this system, transactions do not get mixed up, records are kept securely, and financial processes can be monitored easily. In short, the reference number makes things significantly easier for both you and institutions.

SaaS (Software as a Service)

SaaS, short for "Software as a Service", is a cloud computing model where software is provided as a service over the internet. In this system, instead of purchasing software and installing it on their own computers, users gain access via a web browser or an application, generally through a subscription. Tasks such as infrastructure, maintenance, updates, and security are handled entirely by the software provider. Among the greatest advantages of SaaS are low cost, easy access, and the ability to scale up or down easily according to needs (scalability). Email services, CRM systems, accounting, and project management tools are some of the best-known examples of SaaS. Especially in payment systems, SaaS solutions offer businesses the opportunity to quickly integrate services such as virtual POS, invoice management, and subscription-based collections. In short, SaaS plays a key role in the digital transformation of modern businesses. It eliminates hardware costs, enables remote access, and makes staying up to date remarkably easy.

What is a Virtual Store?

A virtual store is a digital point of sale where businesses offer their products or services for sale over the internet. Unlike physical stores, customers can examine and purchase products via a website or mobile application. Virtual stores operate with e-commerce infrastructure, secure payment systems, inventory management, cargo integration, and customer support services.

To establish a virtual store, a domain name, e-commerce infrastructure, a payment gateway (virtual POS), and logistics integration are required. Products are listed by being divided into categories, users create a shopping cart, and complete their shopping using secure payment methods such as 3D Secure. Virtual stores offer advantages such as 24/7 accessibility, low operational costs, and a broad customer base.

Virtual stores in Turkey operate within the framework of Law No. 6563 on the Regulation of Electronic Commerce and the KVKK.

Virtual POS

A virtual POS is a digital infrastructure that enables businesses to easily accept payments over the internet using credit cards, debit cards, or prepaid cards. In fact, you can think of it as the online version of a physical POS device. It is comfortably utilized on e-commerce sites, mobile applications, and various digital platforms. When the customer reaches the payment step, they enter their card details; subsequently, the transaction is verified and approved (meaning authorization takes place) by the card-issuing bank via payment networks such as Visa, Mastercard, and Troy. Virtual POS operates in compliance with 3D Secure, SSL certificates, and PCI-DSS standards for secure shopping. The advantages it offers to businesses include the ability to receive payments 24/7, automatic reporting, integration with multiple banks, and options like installment sales. Firms engaged in e-commerce generally obtain this service from banks or payment institutions. In short, as one of the indispensables of digital commerce, virtual POS ensures a fast, secure, and recorded payment flow.

What is a Digital Notary?

A digital notary is an electronic verification system proving that documents, contracts, or data created in a digital environment have not been altered and actually existed at a specific date. In short, it is the adaptation of traditional notary services to the digital world. This system works with technologies such as timestamps, digital signatures, and electronic certificates. The primary purpose is to securely verify the integrity, source, and historical validity of documents. Digital notary services are frequently used particularly in the preparation of electronic contracts, digital archiving, copyright protection, verification of data integrity, and the creation of electronic evidence. These services are generally offered by authorized electronic certificate service providers (ESHS) or blockchain-based notary platforms. In short, a digital notary strengthens the legal validity of digital documents, eliminates the risk of manipulation, and provides secure document management in the digital transformation process.

Segmentation

Segmentation is a concept frequently encountered in the world of marketing and data analytics. Fundamentally, it refers to the process of dividing your target audience into smaller sub-groups, namely segments, based on common characteristics. In this way, customers can be classified according to their behaviors, demographic features, interests, or needs. The purpose is to communicate more effectively, perform personalized marketing, and offer accurate product or service recommendations by developing tailored strategies for each group. Segmentation generally has four main types: demographic (such as age, gender, income), geographic (the city or region they are in), psychographic (lifestyle, values), and behavioral (such as shopping frequency, brand loyalty, preferred channels). Especially in e-commerce and financial technologies, segmentation is used alongside data analytics and AI-supported systems to improve user experience, increase campaign success, and reduce the risk of fraud. In short, performing accurate segmentation is a highly strategic marketing tool for brands that increases both customer satisfaction and revenue potential.

Soft POS (Software Point Of Sale)

Soft POS, short for "Software Point of Sale", is a software solution that enables you to accept payments over mobile devices such as smartphones or tablets without the need for a physical POS device. Thanks to this system, businesses can easily accept contactless card, digital wallet, or smart device payments with their NFC (Near Field Communication) enabled phones or tablets. Especially for small businesses, field sales teams, and mobile workers, Soft POS offers a practical and economical alternative that eliminates hardware costs. During payment transactions, all data is encrypted in accordance with international security standards such as EMV, PCI-DSS, and 3D Secure. Additionally, receiving payments through the application, viewing transaction reports, and managing collection management are brought together on a single platform. With the rapid development of financial technologies (fintech), Soft POS solutions have also begun to be used in Turkey by CBRT-licensed payment institutions. This technology has become an important part of the digital transformation process by making contactless payments both more accessible and more secure.

SSL Certificate (Secure Socket Layer)

An SSL Certificate takes its name from the abbreviation of the term "Secure Socket Layer" and is a digital security protocol that ensures the secure encryption of data transferred between websites and users. It plays an important role in protecting sensitive data such as passwords, card numbers, or identity information of users, particularly on e-commerce sites, payment pages, and platforms that collect personal data. If a website has an SSL certificate, you will see "https://" in the address bar along with a lock icon next to it. This means that the information you enter into the site cannot be read by third parties and gives you an extra sense of security. SSL technology works with the asymmetric encryption method; meaning, data is encrypted in such a way that it can only be decrypted by the authorized recipient. Certificates are issued by authorized certificate authorities (CA) and must be renewed at specific intervals. Today, TLS (Transport Layer Security), which is the enhanced version of SSL, is used, and this technology has become one of the cornerstones of secure internet communication.

SWIFT BIC Code

A SWIFT or BIC code is a standard code used to distinguish banks from one another in international money transfers. "SWIFT" (Society for Worldwide Interbank Financial Telecommunication) is a network that enables banks worldwide to communicate. "BIC" (Bank Identifier Code) is the unique identification code given to each bank within this network. In fact, the terms SWIFT and BIC are often used interchangeably. A SWIFT/BIC code generally consists of 8 or 11 characters: the first four letters indicate the bank code, the next two letters indicate the country code, followed by two letters showing the city code. If the code is 11 characters long, the last three characters specify the branch code. For example, the code TCZBTR2A represents the Ziraat Bank of the Republic of Turkey. These codes are absolutely required in international money transfers (SWIFT transfer), foreign exchange transactions, and financial communications made with foreign banks. Entering the SWIFT/BIC code incorrectly or incompletely may cause your transaction to be delayed or canceled entirely. Therefore, it is beneficial to ensure you are using the correct code when sending money.

Swap

A swap is a transaction in financial markets where two parties exchange assets or cash flows with each other under specific conditions. Referred to as "swap" in English, this method frequently appears especially in interest rate, currency, or commodity contracts. The most common swap types are interest rate swaps and currency swaps. In an interest rate swap, the parties mutually exchange their fixed-rate and floating-rate payments. In a currency swap, they exchange their debts or receivables that are in different currencies. These transactions are generally performed for risk management, lowering costs, or protecting against currency and interest rate fluctuations. Banks and financial institutions mostly use swap transactions as a type of "hedging" strategy. In Turkey, these transactions are subject to the regulations of the Central Bank of the Republic of Turkey (CBRT) and the Banking Regulation and Supervision Agency (BRSA).

Subscription / Recurring Collection

A recurring collection, as the name suggests, refers to payment transactions that occur automatically at specified intervals (daily, monthly, or yearly). In English, this is called a "subscription" system, and it frequently appears especially in subscription-based business models such as digital platforms, membership programs, insurance, software (SaaS), and dues payments. In this system, the customer enters their payment information once, and subsequent payments are automatically withdrawn from the same card or account. This way, users do not have to deal with making payments every single time, and businesses secure a regular cash flow. Moreover, since transactions are protected by security standards like tokenization and PCI-DSS, your card information is kept safe. Recurring collections can be easily implemented through both banking infrastructure (virtual POS) and API systems provided by payment institutions. Especially in the fields of e-commerce and financial technology, it has become a highly important payment method in terms of increasing customer loyalty, keeping the revenue stream regular, and ensuring operational efficiency.

Contactless Payment

Contactless payment is a practical digital payment method that allows you to make payments with no physical contact by bringing your card, phone, smart watch, or another mobile device close to the POS device. This technology operates thanks to an infrastructure called NFC (Near Field Communication), and data transfer is generally carried out at a distance of 4–5 cm between devices. On contactless cards, unlike traditional magnetic stripe or chip cards, it is sufficient to tap your card or device during payment. For low-value purchases, you generally do not need to enter a PIN; for higher amounts, verification is requested for security. In contactless payments made with mobile devices, additional security measures such as tokenization, biometric verification (for example, fingerprint or facial recognition), and 3D Secure step in. Thanks to advantages like fast transaction times, hygienic use, and security, contactless payment is being preferred more and more each day in stores, public transportation systems, and the retail sector.

Token

In digital security and payment systems, a token is a unique digital identity or verification code generated specifically for a user or a particular transaction. Its primary purpose is to perform transactions securely instead of directly sharing sensitive information, such as card numbers or session details. In payment systems, a randomly generated token is used instead of the actual card number thanks to the tokenization method. This token is valid only for a specific transaction, device, or merchant. Thus, the risk of card information being stolen or misused is greatly reduced. Similarly, in areas such as software, authentication, or blockchain, tokens serve as access permissions, digital identities, or asset representatives. In short, a token both increases security and facilitates transactions; it is an indispensable part of the digital ecosystem. It plays an important role as an additional layer of data protection, particularly in fields like 3D Secure, mobile wallets, API integrations, and subscription systems.

TR QR Code

TR QR Code is a standardized QR code system developed to facilitate payment transactions in Turkey. It has been designed in accordance with the QR Code Standard in Payment Systems determined by the Central Bank of the Republic of Turkey (CBRT). Its main goal is to ensure that all financial institutions and payment systems operate over an interoperable and secure QR code infrastructure. Thanks to TR QR Code, you no longer need to enter card details, an IBAN, or an account number when making a payment. You can transact simply by scanning the QR code. All necessary details, such as the payment amount, recipient information, and transaction reference, are contained within this QR code. Users can scan the QR code with the mobile application of their banks or electronic money institutions and easily complete their payments within seconds. The system works integrated with the FAST (Instant and Continuous Transfer of Funds) infrastructure and can be used for both individual and corporate payments. As a secure, fast, and standardized digital payment method, TR QR Code has become an important part of Turkey's cashless payment ecosystem.

TROY

TROY takes its name from the initials of the phrase "Türkiye’nin Ödeme Yöntemi" (Turkey's Payment Method) and was launched in 2016 by the Interbank Card Center (BKM) as Turkey's domestic card payment system. Developed as an alternative to international cards like Visa and Mastercard, TROY ensures that card transactions made in Turkey take place entirely over a national infrastructure. Cards with the TROY logo can be issued as debit cards, credit cards, or prepaid cards, and can be used comfortably at all POS devices, ATMs, and e-commerce sites in Turkey. Additionally, these cards are compatible with up-to-date security protocols such as EMV (chip card standard), contactless payment (NFC), and 3D Secure. TROY's primary purpose is to offer a domestic, secure, and independent alternative in Turkey's payment systems; to lower transaction costs, and to ensure that financial data remains within national borders. Today, many banks and electronic money institutions offer card options with the TROY logo to their customers.

Consumer Arbitration Committee

The Consumer Arbitration Committee is an administrative institution tasked with resolving disputes that arise between consumers and sellers or service providers. These committees operate at both provincial and district levels under the Ministry of Trade. Their main purpose is to resolve problems between consumers and sellers in a fast, free, and fair manner before going to court. You can apply to the Consumer Arbitration Committee on many issues such as defective goods or services, refund requests, overcharging, guarantees, and the right of withdrawal. You can submit your applications online via e-Government or by going directly to the provincial or district committees. For disputes that fall below the monetary limits set each year, the decisions made by the committee are binding. The committee's decisions possess administrative enforcement power. The parties can appeal the decision if they wish, but complying with the issued decision is a legal requirement. In short, Consumer Arbitration Committees offer a practical and effective solution for the protection of consumer rights.

Central Bank of the Republic of Turkey (TCMB)

The Central Bank of the Republic of Turkey (CBRT) is an independent public institution that determines monetary policy and is tasked with ensuring price stability in Turkey. Established in 1930, the most fundamental objective of the Central Bank is to support economic stability by protecting the value of the Turkish Lira. Among the primary duties of the CBRT are regulating the money supply and interest rates, managing foreign exchange reserves, providing liquidity to banks, and operating payment and settlement systems. Additionally, licensing electronic money institutions and developing payment infrastructures in Turkey such as EFT, FAST, and TR QR Code are also under the responsibility of the Central Bank. While determining monetary policy, the CBRT utilizes inflation targeting; it can intervene in the foreign exchange market when necessary and monitors financial stability. All these critical decisions are made by the Monetary Policy Committee (PPK). In short, the CBRT serves as one of the most important regulatory institutions of the Turkish economy in both traditional banking and the digital financial world.

International Money Transfer

An international money transfer is a financial transaction that enables a person or institution in one country to send foreign currency to a recipient in another country. In this process, money is transferred in foreign currency between banks or payment institutions in different countries. One of the most common methods is the SWIFT system; banks carry out money transfers thanks to this secure messaging network. When making an international transfer, the sender needs to share details such as the recipient's name, IBAN or account number, bank name, and the SWIFT/BIC code. It generally takes 1 to 5 business days for the transaction to be completed. Additionally, depending on the intermediary banks used, a commission or correspondent bank fee may be charged. In recent years, fintech companies and electronic money institutions have also started offering faster and generally lower-cost transfer services over digital platforms. However, exchange rate differences and the regulations of the countries must also be taken into consideration during the transfer. In short, international money transfer is an indispensable part of global trade, immigrant remittances, and personal financial transactions.

Acquirer / Merchant Acquiring Institution (Acquirer)

A merchant acquiring institution, known as an "acquirer" in English, is a financial institution that accepts cards on behalf of merchants in card payment transactions, verifies transactions, and manages the collection process. These institutions sign a "merchant agreement" with businesses to provide POS or virtual POS services and organize the transfer of funds arising from card transactions into the merchant's account. The acquirer verifies the payment transaction through the card-issuing institution (issuer) and the card network (such as Visa, Mastercard, Troy); it then ensures that the payment is credited to the merchant's account. Alongside this, it handles processes such as chargeback management, fraud prevention, installments, and campaign integration. In Turkey, banks and payment institutions licensed by the CBRT can operate as acquirers. In short, this system is one of the cornerstones of the card payment ecosystem and ensures that merchants perform card transactions in a secure, fast, and standardized manner.

Time Deposit / Term Deposit

A time deposit is a type of account where individuals or institutions deposit their money into a bank for a specific period and receive both their principal and interest earnings at the end of the maturity period. The key point here is that you pre-select the duration for which you deposit the money (such as 1 month, 3 months, 6 months, or 1 year). If you wish to withdraw your money before this period expires, you may lose your right to interest completely or partially. But when the maturity period ends, the interest you have earned is added to the principal and paid into your account together. The interest rate of a time deposit varies depending on the maturity period you choose, the currency you deposit (such as TRY, USD, EUR), and market conditions. Banks offer their customers options with different maturities and various interest types (such as simple, compound, variable). Additionally, time deposit accounts in Turkey are under the guarantee of the Savings Deposit Insurance Fund (TMSF) up to a certain amount. In short, a time deposit is a highly suitable investment tool for those who do not want to take risks in the short or medium term and want to evaluate their savings safely.

Outbound / International Money Transfer

Sending money abroad is a financial transaction that enables a person or institution in one country to transfer money in foreign currency to a recipient in another country. Generally, these transfers take place over the SWIFT network and are made in different currencies. To initiate the transaction, the sender enters details such as the recipient's name, IBAN or account number, bank name, and the SWIFT/BIC code. How long the transfer will take may vary depending on the banks used, the correspondent banks involved, and the destination country. Most of the time, the transaction is completed within 1 to 5 business days. Additional expenses such as correspondent bank fees or transfer commissions may arise during this process. Furthermore, the exchange rate difference can be an important factor affecting the total cost. Outbound money transfers can be done from bank branches, internet banking, mobile applications, or through electronic money institutions. In recent years, thanks to financial technology (fintech) solutions, these transactions have become much faster, more affordable, and transparent. In short, outbound money transfer stands out as one of the most frequently preferred payment methods across many fields such as international trade, education, travel, and personal financial transactions.