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FAST system, an easy 24/7 money transfers is now available to everyone in Turkey

The Central Bank has opened the instant retail payment application, Instant and Continuous Transfer of Funds (FAST) System, for the use of citizens as of today.

In the statement made by the Central Bank of the Turkish Republic (TCMB), it was announced that with the FAST System, the Easy Addressing System is put into use from today. Easy Addressing System enables electronic payments to be initiated easily and practically with the Turkish Republic Identity Number (TCKN), phone number, and e-mail address registered in the system.

It was stated that in order to closely monitor the widespread use of the FAST System they started with a ₺50 limit in the first stage, “This limit will be increased gradually and up to ₺1,000 depending on the prevalence of use. The FAST System will make significant contributions to the digital economy in the near term by increasing the transaction limits to higher levels and adding new value-added features such as requesting payments with QR code payments.”

Source: AA / Translated by Bazaar Times Team

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