Which institutions can issue electronic money in Türkiye?
In Türkiye, banks within the scope of Banking Law No. 5411 and electronic money institutions licensed under Law No. 6493 can issue electronic money.
The nature of electronic money
Electronic money is money issued by the issuing institution in proportion to the funds it receives from the user, creating a redemption obligation towards the user. The user's balance is kept separate and protected from the institution's own assets.
Banks already carry out this activity under their banking license. Electronic money institutions, on the other hand, are structures set up only for this activity and supervised separately.
What matters for the user is being able to verify that the wallet or prepaid card provider is a licensed institution. The list of licensed institutions is published on the competent authority's website.
The non-bank option
Ventures that want to issue electronic money can choose the electronic money institution model instead of a banking license. This model brings a lighter capital and regulatory burden, but it is subject to ongoing supervision.