CBRT: FAST transaction limits will be raised to TRY 100,000 as of 4 April
Istanbul, April 2 (Hibya) - As of 4 April 2024, the FAST transaction limits will be raised to TRY 100,000 for money transfers and TRY 250,000 for merchant payments using FAST-TR QR Code, Central Bank Of Turkish Republic (CBRT) said in a statement released on Tuesday.
"Given the users’ interest in the FAST System and the dynamic requirements of the payments ecosystem, and as planned and announced to FAST participants in December 2023, as of 4 April 2024, the FAST transaction limit for money transfers will be raised to TRY 100,000 from TRY 50,000, and the limit for merchant payments with dynamic verification using FAST-TR QR Code to TRY 250,000 from TRY 100,000" read the CBRT statement.
"FAST (Instant and Continuous Transfer of Funds), a new generation instant payment system developed by the Central Bank of the Republic of Türkiye and launched on 8 January 2021, offers secure, fast, and easy payments around-the-clock with its overlay services and innovative approach to payments in Türkiye. The system is rapidly becoming widespread as an alternative method to cash and card payments for purchasing transactions," according to the CBRT statement.
British News Agency
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