The purpose of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions is to regulate the procedures and principles for payment and securities settlement systems, payment services, payment institutions and electronic money institutions.
You can access the details of the law from the link below.
http://www.mevzuat.gov.tr/MevzuatMetin/1.5.6493.pdf
Main topics covered by the Law
- The operation and oversight of payment and securities settlement systems
- The definition of payment services and which activities count as payment services
- Establishment and operating requirements for payment institutions and electronic money institutions
- The issuance and redemption of electronic money
- The rights of payment service users and the obligations of service providers
Competent authority
When the Law was first published, the authority to license and supervise payment and electronic money institutions was with the BRSA. With an amendment made in 2019, this authority was transferred to the Central Bank of the Republic of Türkiye (CBRT). For this reason, the regulations and communiqués published by the CBRT are the basis for current rules and license applications.
Why does it matter?
Law No. 6493 created the legal framework for institutions other than banks that provide payment services. Many fintech companies offering services such as virtual POS, bill payment intermediation, digital wallets and money transfers operate under this law.
Accessing the current text
The current text of the Law is available at mevzuat.gov.tr and on the CBRT website.
