The Central Bank of the Republic of Turkey announced that the upper limit of the FAST system, which has been in our lives for a while and enables 24/7 money transfer, will be increased. The upper limit, which is 2.000 TL at the moment, will soon be 5.000 TL.
From the Central Bank of the Republic of Turkey (CBT) came a last-minute statement. In the statements made by the authorities, it was stated that the upper limit of the system called FAST, which makes it possible to transfer money 24/7, will be increased to 2.000 TL. Citizens now with FAST as of February 21, 2022 They will be able to send 5.000 TL. The upper limit for workplace payments will be 10,000 TL.
In the statements made by the CBRT, it was also explained why such a decision was taken. Officials, shown to the FAST system intense interest and the dynamics in the payment ecosystems are taken into consideration, which is why this decision has been made. When we first met with the FAST system, explanations were made about the upper limits. will be raised as citizens become accustomed was specified.
The Central Bank’s statement on the subject is as follows:
“The Central Bank of the Republic of Turkey (CBRT) created Turkey’s own national data matrix standards by naming them “TR QR Code” on August 21, 2020, within the scope of studies to support innovative business methods of our country’s payments infrastructure, and on January 8, 2021, a new generation instant payment system. FASThas activated. All developments in strategic technologies for the rapid adaptation of all kinds of technological innovations focused on liraization in the payments ecosystem are closely followed. The CBRT announced on September 15, 2021, whose medium and long-term aim is to ensure and maintain that lira payments are the most practical, easiest, cheapest and most inclusive payment instrument.Digital Turkish Lira Cooperation Platform” is another ongoing work in this direction.
Efforts to use the FAST System as a complementary alternative payment method to the cash payment method in shopping transactions are being carried out by the CBRT and the Interbank Card Center. For workplace payments to be made using “TR QR Code”, in one go. up to 10.000 TL transaction can be made. With the widespread use of TR QR Code, our citizens can read the payment data matrix created by the workplace with their mobile applications. With the FAST system infrastructure can make instant payments.
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Daily average through the FAST System, which allows 24/7 instant money transfer 3.5 million payments and transfers are completed in less than a second between customer accounts. The number of users registered in the Easy Addressing System, which allows FAST payments to be made easily and quickly with a phone number, ID number or e-mail address instead of IBAN numbers that are difficult to memorize and use. reached 15.5 million. Considering the intense interest shown in the FAST System and the dynamic requirements of the payments ecosystem, the FAST transaction amount limit of 2,000 TL for money transfers is also included. It will be increased to 5.000 TL as of February 21, 2022.
In line with our digitalization goals, these developments contribute to our country’s economy. will make an important contribution to being evaluated. It is made available to the public.”
Press release here You can also access via the link.