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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.
Payment Systems
Let's start by defining e-money. In general terms, e-money is a monetary value stored on a secure technological device (such as a computer disk). E-money is a concept defined under Turkish law through legislation enacted by the BRSA (BDDK).
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Open Banking
Digital banking is talked about more every day, and with the BRSA's support in defining its scope, it is about to enter our lives. A 'digital bank' is a credit institution that provides banking services mainly through electronic channels rather than physical branches.
Laws & Regulations
In Türkiye, banks within the scope of Banking Law No. 5411 and electronic money institutions licensed under Law No. 6493 can issue electronic money.
Payment Systems
All electronic money institutions are authorized to issue electronic money under Law No. 6493. The payment services each one is licensed to offer are listed in the table published by the CBRT.
Payment Institutions & E-Money
According to ÖDED, its members are institutions that have applied for or received a license as a payment institution and/or electronic money institution under Law No. 6493. The member list by field of activity is on its website.
Laws & Regulations
The Law lists services for intermediating bill payments as a payment service, but it uses no terms such as “bill payment center”. These services can be provided by licensed payment institutions and electronic money institutions.
Payment Institutions & E-Money
How much capital is required to establish a payment institution or e-money institution? Under the second paragraph of Article 14 of Law No. 6493, minimum paid-in capital amounts are set for each institution type.
Laws & Regulations
No. A payment institution is a legal entity authorized by the Board to provide payment services. “Payment service provider” is a broader concept covering banks, electronic money institutions and payment institutions together.
Merchant & POS
Mobile phones are entering our lives more every day. One study found people forget their wallets more often than their phones. This post explains how to buy fuel with TOTAL Mobile Payment and BKM Express without getting out of the car.
Laws & Regulations
The Regulation amending the Regulation on Program of Compliance with Obligations of Anti-Money Laundering and Combating the Financing of Terrorism has been published. It introduces financial group compliance rules, a deputy compliance officer and wider scope.