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Laws & Regulations
No. An institution issuing electronic money in Türkiye must be a joint-stock company established in Türkiye and licensed by the Board, even if it already holds a license in its home country in Europe.
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Laws & Regulations
The CBRT announced that it has launched open banking services in payments, a component of the digital economy roadmap of its liraization strategy, through BKM's Open Banking Gateway (GEÇİT).
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.
Laws & Regulations
In Türkiye, banks within the scope of Banking Law No. 5411 and electronic money institutions licensed under Law No. 6493 can issue electronic money.
Merchant & POS
The number of POS terminals, ATMs and cards in Türkiye is reported by BKM and updated monthly. Here is the link and how to read the figures.
Credit Card
Data on card payments made online in Türkiye is shared by BKM, updated monthly by number and value of transactions. Here is the link and how to interpret the figures.
Payment Systems
The Interbank Card Center (BKM) periodically publishes payment systems reports on its website, making it possible to follow the sector's development. The report on mobile contactless and QR code payments is available on the BKM site.
Payment Systems
All electronic money institutions are authorized to issue electronic money under Law No. 6493. The payment services each one is licensed to offer are listed in the table published by the CBRT.
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.
Payment Systems
The Ödeme İste (Request to Pay) System is a value-added service aiming to improve the customer experience in FAST, Türkiye's instant and continuous funds transfer system.
Merchant & POS
The EU Payment Services Directive 2 (PSD2) is the EU's payment services law. ÖDED translated it into Turkish, creating an important handbook for anyone wanting to invest or work in this area.