The Central Bank of the Republic of Turkey (CBRT) has developed a new generation of instant retail payment service available.
Along with the FAST System, the Easy Addressing System, which is also in operation now, seeks to boost efficiency when it comes to initiating electronic payments by using registered Turkish ID numbers, phone numbers or e-mail addresses.
The FAST System has been launched with a limit of TRY 50 to monitor closely the extent of use as an initial step. This limit will be increased gradually up to TRY 1000 in view of the extent of use.
Through the integration of new features, such as increasing the transaction limits to higher levels and demanding payments via QR code in the near term, the FAST System will provide major contributions to the target of a state-of-the-art digital economy.