It is the law published in Official Gazette No. 28690 on 27 June 2013 that regulates the procedures and principles for payment and securities settlement systems, payment services, payment institutions and electronic money institutions.
The details of the law can be accessed from the link below:
https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Banka+Hakkinda/Mevzuat/6493/
Structure of the Law
Law No. 6493 consists of two main parts. The first part regulates payment and securities settlement systems. This part concerns the operation and oversight of systems that settle large-value payments between banks and securities transactions. The second part regulates payment services, payment institutions and electronic money institutions.
What is a payment service?
The Law defines which activities count as payment services. These include:
- Placing cash on and withdrawing cash from a payment account
- Money transfers and standing orders
- Issuing card-based payment instruments and signing merchant agreements
- Intermediating bill payments
Institutions other than banks that want to carry out these activities must obtain a license.
Transfer of authority
In the original version of the Law, the licensing and supervisory authority belonged to the BRSA. With an amendment made in 2019, this authority was transferred to the Central Bank of the Republic of Türkiye, effective from 1 January 2020.
Impact of the Law
Law No. 6493 laid the foundation for fintech companies in Türkiye to operate within a legal framework.
