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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 Institutions & E-Money
The new regulation on payment services and e-money issuance, published on 1 December 2021, repealed the 2014 regulation on payment institutions and e-money institutions and the related information systems communiqué. This post summarizes the change and the Article 33 equity requirement.
Payment Institutions & E-Money
According to the Guide, where payment transactions arise only in connection with the main activity of providing investment services, the investment firm's services cannot be considered payment services.
Laws & Regulations
Under the Directive, payments made through telecom operators cover the purchase of digital services such as music, digital newspapers, e-tickets or charity donations, within certain amount thresholds.
Payment Institutions & E-Money
The Law defines e-money as monetary value issued in exchange for funds accepted by the issuer, stored electronically, used for payment transactions and accepted as a payment instrument by persons other than the issuer. This post explains e-money institutions and the services they may provide.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment System Institutions
TROY, Türkiye's domestic payment method founded by the Interbank Card Center (BKM) and licensed by the BRSA and the Central Bank in March 2016, is being spun off into a separate company.
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.
Payment Systems
Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
Laws & Regulations
A card scheme organization establishes a debit, credit or prepaid card system and authorizes entities to issue cards or sign merchant agreements. Troy, Visa, Mastercard, American Express, JCB and MIR are examples. This post explains how ATM and POS certification works.
Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.