Generation and Use of the TR QR Code in Payment Services

As of 21 August 2020, the Central Bank of the Republic of Türkiye's (CBRT) Regulation on the Generation and Use of the TR QR Code in Payment Services (the Regulation) entered into force upon publication in the Official Gazette.

The Regulation sets out a standard structure for payments in order to ensure interoperability among payment devices, support innovative initiatives, further encourage the adoption of increasingly important contactless electronic payment methods and expand the use of QR codes in payments. It thereby also sets the national QR code standards that the process must comply with.

Accordingly, the following points stand out for institutions that must comply with the Regulation published by the Central Bank of the Republic of Türkiye:

TR QR code generator code application process: To offer the TR QR Code option in payment services, an institution must have a generator code. Institutions must apply to the Interbank Card Center (BKM) for a licence and meet the applicable conditions.

National standards and compliance requirements: Users currently offering payment services by QR code must fully comply with the national requirements set by the CBRT under the new Regulation.

Technical compliance guide for the technology infrastructure: Payment service providers wishing to use the TR QR Code are obliged to ensure that QR codes are generated in accordance with the "Technical Document" published with the Regulation and to take the necessary measures.

Compliance deadline 31 December 2021: Payment service providers wishing to use the TR QR Code option must remedy any deficiencies under the Regulation by 31 December 2021 at the latest.

How can ARSEN SFAI help you?

With our broad sector knowledge and advisory experience in regulatory compliance, ARSEN identifies the legal requirements and supports your organisation at every step of its compliance with the legislation. Our compliance services cover current-state analysis, improvement work and assurance stages within the framework of the provisions of the legislation.

Current-state analysis

A current-state analysis is carried out by assessing the institution's compliance with the provisions of the legislation.

Improvement work

A roadmap is presented for the gaps and findings identified in the current-state analysis, and improvement work is carried out.

Assurance engagement

An engagement assessing compliance with the rules and principles of the Regulation and the "Technical Document" is carried out and an assurance report is issued.