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Payment Institutions & E-Money
A prepaid card usable only at goods and service providers inside a single holiday village is considered to be used within a limited network and outside the scope of the Law, provided certain conditions are met.
Payment Institutions & E-Money
With digitalization, many products are becoming digital, and company types and services offered to customers are diversifying. Payment institutions have been part of our lives since 2015.
Laws & Regulations
A prepaid card used only for transport is considered to be used “only to purchase a limited range of services” and therefore outside the scope of the Law under Article 18(5). Each business model must still be assessed separately.
Laws & Regulations
No. Under Law No. 6493, a payment system is a structure completely different from a payment institution and requires CBRT permission. Using such a name without permission can lead to criminal penalties.
Laws & Regulations
Payment and electronic money institutions must set up internal control and risk management units, each with at least one dedicated employee. The same person cannot carry out both functions.
Laws & Regulations
No. Law No. 6493 sets no minimum number of shareholders, so under Turkish Commercial Code No. 6102 a payment or electronic money institution can be set up with a single shareholder.
Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
Payment Institutions & E-Money
The BRSA is the Banking Regulation and Supervision Agency, an autonomous agency that protects savers' rights, ensures banks operate soundly and securely, and contributes to the long-term growth and stability of Turkey's economy.
Merchant & POS
A Payment Facilitator (PF) is a licensed payment institution that lets merchants accept card payments without applying to banks directly. Learn how it works.
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
The duties of the Payment Systems and Financial Technologies Department, set up within the CBRT Head Office, have been defined, along with the directorates it consists of.
Security
Personal data means any information relating to an identified or identifiable natural person, including not only names and birth dates but also physical, family, economic and social characteristics.