CBRT decision on FAST: How much was it increased to?

The Central Bank of the Republic of Turkey (CBRT), in its announcement titled "Increase in FAST System Transaction Amount Limit," announced that the transaction amount limit has been increased as of April 4.

The following statements were included in the announcement:

IT HAS BECOME 100 THOUSAND TL

"As of April 4, 2024, FAST transaction amount limits will be increased to 100,000 TL for money transfers and to 250,000 TL for merchant payments made using FAST-TR QR codes.

Developed by the Central Bank of the Republic of Turkey and launched on January 8, 2021, the new generation instant payment system FAST (Instant and Continuous Transfer of Funds) enables secure, fast, and easy payments at any time of the day with its innovative approach and layer services in the field of payments in Turkey, and is rapidly becoming widespread as an alternative to cash and card payment methods in shopping transactions.

As planned and announced to FAST participants in December 2023; considering the interest shown by users in the FAST system and the dynamic requirements of the payments ecosystem, as of April 4, 2024, FAST transaction amount limits will be increased from 50,000 TL to 100,000 TL for money transfers, and from 100,000 TL to 250,000 TL for merchant payments with dynamic verification made using FAST-TR QR codes."

News Source: 12punto