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Open Banking
Embedded Finance means integrating financial products and services into non-financial platforms, experiences or business processes. In other words, services offered by financial institutions become part of the product or service flows of non-financial organizations.
Payment Institutions & E-Money
Bill payment intermediation is a payment service under Law No. 6493. Only the CBRT and payment service providers, namely banks, electronic money institutions, payment institutions and PTT, can offer it.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Laws & Regulations
The Regulation on Generating and Using TR QR Code in Payment Services and its attached TR QR Code Principles and Rules document were published in the Official Gazette No. 31220 dated August 21, 2020, to ensure interoperability in QR code payments.
Payment Institutions & E-Money
Payment Services Data Sharing Services refers to the data sharing services used in the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 12 of Law No. 6493.
Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
Laws & Regulations
Under Article 13 of Law No. 6493, payment services can be provided by banks, electronic money institutions, payment institutions and PTT. Anyone else is prohibited from offering them.
Payment Systems
Electronic money is a legally defined concept in Türkiye under Law No. 6493. Since Bitcoin is not linked to any central bank or official institution and does not meet the required conditions, it cannot be considered electronic money.
Payment Institutions & E-Money
No. Virtual currency is a digital representation of value not issued by any central bank, credit institution or e-money institution. Electronic money is defined in Turkish law and is tied to an electronic money institution.
Payment Institutions & E-Money
In general, electronic money is monetary value stored on a protected technological device. Turkish law defines it under Law No. 6493 as electronically stored value issued against funds and accepted by third parties as a means of payment.
Merchant & POS
PSD stands for Payment Services Directive, known as the Payment Services Law. It took effect in EU countries in 2009, and in 2015 new revisions were announced as PSD1, aiming to build an efficient, fast, secure, and competitive payment market.
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.