The central bank has officially regulated the use of the quick response codes for financial transactions.
Turkey QR code payment services now officially have regulations for standardization across the country. These regulations were implemented by the Central Bank of the Republic of Turkey (CBRT).
The regulation, generation and use of the barcodes fall under the TR QR Code in Payment Services guidance.
The CBRT has put the Turkey QR code payment services regulation into effect as of August 21, 2020. As a result of this standardization, payments transacted using the barcodes fall into the scope of the country’s Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions, which is the country’s Law Number 6493.
Due to this new standardization, the TR QR code can be used for completing any transactions regulated as a payment system under that Law Number 6493 and can be transacted through the use of a quick response barcode. This being the case the country’s Interbank Card Center (BKM) will be creating and operating the QR Code Routing System to make sure the transfer through the barcode and the data contained within it are properly transferred from payer to recipient and between payment service providers if necessary.
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The new Turkey QR code payment services regulation also decides authorities and responsibilities.
The standardization determines payment service provider authorities and responsibilities when it comes to the use of TR barcode transactions. Furthermore, the regulation underscores that using the barcodes for domestic payment transactions is not compulsory when made with quick response barcodes using transaction instruments issued under another country’s legislation, where the payer or recipient resides abroad, and if a service provider’s infrastructure is located abroad and is used for completing a transaction.
The country’s payment service providers have until December 31, 2021 to become compliant with the Turkey QR code payment services regulation. Moreover, the CBRT is hoping to boost the use of the barcodes for completing retail transactions, thereby launching easier, more convenient and more efficient transactions. This will result in the reduction of the use of cash, which is a common goal among many countries worldwide.