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Laws & Regulations
Law No. 6493, published in Official Gazette No. 28690 on 27 June 2013, regulates the procedures and principles for payment and securities settlement systems, payment services, payment institutions and e-money institutions.
Open Banking
Under the communiqué, service model banking does not require a separate BRSA license, but the service bank must notify the BRSA in writing before signing a contract with an interface developer.
Credit Card
The BRSA has issued a new decision on contactless cards, instructing banks to require a PIN on the first contactless transaction to prevent cards from being used without the customer's knowledge.
Credit Card
With its announcement dated 09.06.2022, the BRSA changed how the credit card minimum payment is calculated: 20 percent of the period debt below a 25,000 lira limit and 40 percent above it. This post covers what banks should do and the likely market impact.
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.