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Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
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.
Payment Systems
The BRSA has published a draft regulation amending the Regulation on Debit Cards and Credit Cards. It introduces the card scheme definition, a customer right to choose the card scheme, and an obligation for acquirers to define licensed schemes on merchant POS devices.
Merchant & POS
When signing a merchant agreement, merchants declare their line of business, which banks record as an MCC (Merchant Category Code). A merchant may only sell products or services within the line of business declared to its bank.
Payment Institutions & E-Money
The “Review Report on Financial Technologies in Payment Services”, prepared after a study launched on 9 November 2020 to assess Türkiye's payments fintech ecosystem and its effects on competition, has been published.
Payment Institutions & E-Money
A company that collects online payments through its own virtual POS and pays merchants on agreed dates is providing a payment service, and it needs a license from the Board unless an exemption applies.
Merchant & POS
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.
Open Banking
The European Banking Authority (EBA) is an EU regulatory body headquartered in Paris. It runs stress tests on European banks to increase transparency and identify weaknesses in their capital structures. It was established on 1 January 2011.
Credit Card
A co-branded card is a card offered by two or more organizations: one the issuing financial institution, the other a non-financial commercial brand (there may be more than one), such as an airline, hotel, or retail chain.
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 Systems
Open banking opens financial data, under the regulations and with the customer's explicit consent, to third-party service providers through standard APIs. The CBRT has published a guide on payment initiation and account information services, covering licensing and technical certification.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.