What is Secure Payment System?

The secure payment system is a modern and digital solution designed to protect both buyers and sellers during the purchase of second-hand vehicles. Especially designed to reduce the risk of fraud and ensure that transactions are carried out legally and transparently, this system has lawfully become mandatory as of September 27, 2024. So, how exactly does the system work? How can you apply? Who is required to use it? And what are the transaction limits? All the details await you in this article.

How does the secure payment system work?

The seller applies to the secure payment system by providing details such as price, buyer identification, and phone number. After this information is shared between the notary and the bank, the system sends a unique reference number to both the buyer and the seller via SMS or the application. The buyer logs into the system using the reference number and transfers the sale amount to an ‘escrow pool’ account held by the bank. This account securely blocks the funds until notary approval is received. The vehicle transfer is completed in the presence of a notary, who then confirms the transaction in the system. This step verifies that the transaction has been legally completed. Once notary approval is received, the blocked funds are automatically transferred to the seller’s account, thus protecting both parties.

What are the benefits of the secure payment system?

The secure payment system is an ideal method to prevent fraud, especially in second-hand vehicle transactions. Its benefits for users can be listed as follows:

Fraud risk is minimized

Since the buyer's payment is blocked and cannot be transferred to the seller without notary approval, risks such as forgery and incomplete payments are minimized.

Legal assurance for both buyer and seller

Because the release of funds requires notary confirmation that the transaction has been completed, the rights of both parties are protected, and the process is carried out within a legal framework.

Fast and easy transaction process

The secure payment system is faster than traditional EFT or cash transactions. It can be accessed 24/7 via mobile or internet banking. Moreover, many banks offer this system for direct use without requiring a visit to a branch.

Transparency throughout the process

Since the entire process can be tracked through the reference number and each step is logged via SMS or the application, mutual trust is established between the parties.

No cash handling or counterfeit money risks

Since no cash is exchanged, there are no risks such as counting, carrying, or receiving counterfeit money.

How do the buyer and seller apply to the secure payment system?

Seller application

Buyer application

What is the limit of the secure payment system?

The secure payment system generally allows transactions between 200 TL and 2,000,000 TL. The minimum transaction limit is set at 200 TL by most banks, though this may vary. The maximum limit is 2,000,000 TL per transaction. However, this upper limit can be exceeded using a partial payment method. That is, multiple transfers can be made using the same reference number, allowing transactions exceeding 2 million TL to be processed through the secure payment system. Thanks to its FAST infrastructure, the system operates independently of banks and channels, allowing buyers to make payments to the escrow account using the reference number, even if their account is with a different bank.