'Secure Payment System' becomes mandatory for vehicle sales: Starting September 27

The 'Secure Payment System,' developed to protect both buyers and sellers in vehicle transactions, is becoming mandatory as of September 27. This system aims to eliminate risks such as fraud and counterfeit money that may be encountered when making cash payments during second-hand vehicle sales.

In the application, which was implemented in cooperation with the Ministry of Trade and the Notaries Union of Turkey, the seller will first initiate the secure payment process. The buyer will deposit the money into the intermediary institution using the reference number provided to them before going to the notary. Once the vehicle sale is approved, the money held in the secure account will be instantly transferred to the seller's account.

Car dealer Gökhan Ardeşen stated that the system is very simple and secure, saying, "The risk of fraud in vehicle sales is greatly reduced with the secure payment system. Banks included in the system hold the sale price in a common pool and transfer this amount to the seller instantly when the sale takes place."

It was stated that the application began to be implemented on August 27 for businesses with authorization certificates and will become mandatory for all vehicle sales as of September 27. While banks charge a transaction fee of 105 liras from the sale price, 52.5 liras of this amount will be transferred to the Notaries Union of Turkey. The system will be audited by the Ministry of Trade.

NEW DEVELOPMENTS

• It was announced that support services will be provided for problems that users may encounter in the first weeks within the scope of the application.
• In addition, training programs for the 'Secure Payment System' will be organized so that both sellers and buyers are informed about how the system works.
• It was stated that the system will be further developed in the coming periods to ensure integration through digital platforms and to improve the user experience.

This new system aims to increase security in vehicle sales and ensure that the sector achieves a more orderly and transparent structure.

News Source: İHA