The Central Bank of the Republic of Turkiye has announced an update to the FAST (Instant and Continuous Transfer of Funds) payment system, increasing the transaction limit amounts.
Starting from April 4, 2024, the upper limit for FAST transactions will be raised from 50,000 TL to 100,000 TL. (approx. 3120 USD today)
In addition, for dynamic authentication merchant payments made using the FAST-TR QR code, the limit will increase from 100,000 TL to 250,000 TL.
This follows a previous update on December 21, 2023, where the increase in per-transaction payment limits to 50,000 TL, and for FAST-TR QR code payments, up to 100,000 TL could be processed in a single transaction.
What is FAST System?
The Central Bank of the Republic of Türkiye (CBRT) established Türkiye’s QR code standards, called “TR QR Code”, on 21 August 2020 as part of intentional efforts to support innovative methods of executing and handling payments, and launched the FAST as a new generation instant payment system on 8 January 2021.
Through the FAST System, which allows instant transfer of funds at any time of the day, and transfers are completed in less than a second between customer accounts.
Instead of IBANs, which are difficult to memorize and use, the Easy Addressing System allows users to initiate payments easily and rapidly using phone numbers, Turkish ID numbers or email addresses.
Furthermore, it’s worth noting that FAST has been positioned as an alternative payment method to cash and card transactions in shopping activities.
