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Payment Institutions & E-Money
A platform lets about 5,000 members top up online accounts by card, pay other members and cash out. Because the member base keeps growing and has no defined limits, it does not qualify as a limited network.
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.
Laws & Regulations
A prepaid card used only in brand X's stores is considered to be used “only within a limited network of service providers”, and therefore outside the scope of the Law under Article 18(5). Each business model must still be assessed separately.
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.
Payment Institutions & E-Money
A payment institution is a legal entity authorized under the Law to provide and execute payment services. It must be a joint stock company meeting the conditions in Article 14 of Law No. 6493. This post sets out the services listed in Article 12 and the exclusions.
Laws & Regulations
Turkey is rapidly implementing the items in the 11th Development Plan for a fintech ecosystem with equal opportunity. Under the approved law amendment, some BRSA powers over payment services and e-money companies were transferred to the CBRT, making it the single authority in payments.
Payment Systems
The Hidden Side of the Payments World. The words a person working in the payment systems industry hears most over a career are probably Visa, Mastercard, POS, debit card, virtual POS, acquiring and card issuing. Frankly, my own career did not unfold very differently from that journey...
Credit Card
A prepaid card is a customized card, with or without a chip, not linked to a bank account and without a credit limit like credit cards, letting you spend only the amount loaded onto it.
Payment Systems
As part of the first-phase work of the Digital Turkish Lira Project led by the Central Bank of the Republic of Turkey (CBRT), the first payments on the Digital Turkish Lira Network were successfully carried out. The CBRT will continue its closed-loop pilot tests in the first quarter of 2023.
Credit Card
To issue a card, the necessary certifications must be obtained from brands such as MasterCard, Visa, Troy, and Discover, and the card must be made available for cardholder use. Banks aim to increase customer loyalty by running points programs and similar campaigns.
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.
Open Banking
The Global Fintech Hubs Federation is a global federation bringing together more than 20 FinTech organizations worldwide, including FinTech Istanbul. Its duties include fostering unity for the ecosystem and sharing knowledge and experience.