“The Regulation on the Generation and Use of the Turkish QR Code in Payment Services (Regulation”) was published in the Official Gazette dated 21 August 2020 and numbered 31220. The Regulation enacted by the Central Bank of the Republic of Turkey (“CBRT”) introduces the national QR Code of Turkey in order to establish a standard QR Code structure and common rules within the payment services ecosystem regarding this structure.” CMS Law-Now

TR QR Code in 2020

Turkey has a large unbanked population (31 percent) and that country has been under pressure to reform digital services.

This action is one more step by Turkey to meet PSD2 standards; these standards are part of more general regulatory framework involving RTS (regulatory technical standards) and SCA (secure customer authentication).

These standards are designed to product uniformity in commerce, achieve better accountability, and to protect customers.

The Central Bank in Turkey made the objectives clear which included making Turkey cashless – 

TR QR Code is intended to ensure OR code standardization in retail payments by promoting cashless payment at all levels, and eventually to support the use of less cash in Turkey. By means of these common rules, users of different payment service providers will be able to make payments with QR Code, and payments between different payment schemes, digital wallets and payment service providers will be facilitated. Also, adoption of the QR code as a payment method will be encouraged in merchants, including small ones.”

  

 

By cryptorocks_editor

Editor.