A new era begins in second-hand vehicle sales: What is the Secure Payment System in 10 questions?

The Secure Payment System, implemented in cooperation with the Ministry of Trade and the Notaries Union of Turkey, will prevent consumer grievances arising from second-hand automobile sales.

The Secure Payment System will become mandatory for everyone, including buyers, starting September 27. This aims to eliminate disputes between buyers and sellers regarding payments in the second-hand vehicle market.

Here are 10 frequently asked questions and answers regarding the system in question:

1. What is the Secure Payment System?

It is a payment system developed to make second-hand vehicle transactions safer.

When will the 2nd Secure Payment System become mandatory?

While the use of the system has been mandatory until now for sales by businesses engaged in the trade of second-hand motor vehicles (auto dealerships), it will become mandatory for everyone starting September 27.

How will the payment process work in the 3rd system?

In the application, the seller will first initiate the secure payment process, and then the buyer will deposit the money into the intermediary institution using a reference number before going to the notary. Following the approval of the sale, the money held in the secure account will be transferred to the seller's account instantly.

4. For what purpose is the system being implemented?

The system aims to eliminate risks such as carrying cash, counterfeit money, and the non-payment of sales prices.

5. How will the implementation affect consumers?

The system in question is expected to create an environment of trust in the second-hand vehicle market. By preventing consumer grievances, the application will eliminate disputes between buyers and sellers regarding payments.

6. Who will oversee the implementation?

Work regarding the operation and oversight of the system will be carried out by the Ministry of Trade.

7. Which banks are included in the system?

All banks, electronic money institutions, or payment institutions that have signed a protocol with the Notaries Union of Türkiye will be included in the system.

8. Will there be any fee for using the system?

A fee of 105 Turkish Lira will be charged by the bank, to be deducted from the vehicle sale price that will be transferred to the seller for each transaction. 52.5 Turkish Lira of this fee will be transferred to the Notaries Union of Turkey as a transaction participation fee.

9. If the sale transaction is withdrawn from, will the application made through the system be cancellable?

In this case, the application can be cancelled, and the amount deposited by the buyer will be refunded by the relevant bank, electronic money institution, or payment institution.

10. Will it be possible to update information after the sales record?

It will not be possible to edit information after the application has been created. For this, the existing application will need to be cancelled and a new process initiated.