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Laws & Regulations
When payment institutions and e-money institutions were first established, the commissions they collected from customers were subject to VAT. Because they carry out activities similar to banking, BSMV was also debated. The General Communiqué on Expense Taxes (Series No: 91) resolved this.
Laws & Regulations
Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.
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 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.
E-commerce
AI agents are moving beyond answering questions to searching, deciding, and paying on behalf of users. This post explains Agentic Commerce and what it means for payment systems, digital wallets, e-money institutions, banks, and fintechs.
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.
Payment Systems
The CBRT has published a guide on reporting persons and institutions that provide payment services without authorization. Under Law No. 6493, offering such services outside the CBRT's published list of payment and e-money institutions is a criminal offense.
Payment Systems
mPOS is short for Mobile POS, a digital POS solution that enables payment acceptance via smartphones/tablets without a standard POS terminal. It is formed by combining a card reader with a mobile device such as a smartphone or tablet...
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.
Payment Systems
After Russia invaded Ukraine, Visa and Mastercard suspended services for sanctioned Russian banks. This post explains the impact on cardholders and merchants, and Russia's MIR and UnionPay alternatives.
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.