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Payment Institutions & E-Money
With digitalization, many products are going digital and the types of companies and services are diversifying. Electronic money institutions have been part of our lives since 2015. Here is the list of active ones.
Payment Systems
Payment and electronic money institutions have had a big impact on the development of payment systems. A sector research report prepared by the Ministry of Treasury and Finance helps explain this ecosystem.
Laws & Regulations
No. An electronic money institution licensed under Law No. 6493 is a payment service provider, so it can carry out the payment services listed in the Law without a separate license.
Laws & Regulations
With the communiqué published in the Official Gazette today (4 November 2023), electronic money institutions will be able to onboard customers remotely, a sign that they will play a bigger role in our lives while improving customer satisfaction and speed.
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
Payment Systems
With the CBRT's regulation on payment services, electronic money issuance and payment service providers, the minimum equity amounts for bill payment, payment and electronic money institutions were raised.
Payment Systems
Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.
Laws & Regulations
No. Law No. 6493 sets no minimum number of shareholders, so under Turkish Commercial Code No. 6102 a payment or electronic money institution can be set up with a single shareholder.
Laws & Regulations
Yes. A payment or electronic money institution may outsource its information systems, provided it complies with Articles 11 and 16 of the Information Systems Communiqué and Article 13 of the Regulation.
Payment Systems
The CBRT reset the minimum equity amounts for payment and e-money institutions: 10 million TL for bill payment institutions, 20 million TL for other payment institutions and 55 million TL for e-money institutions.
Payment Institutions & E-Money
The Law provides for judicial fines and prison sentences for people who act as a payment or electronic money institution without the required licenses, and for those who use names suggesting they do.