The emergence of numerous organizations operating in payment services and electronic money worldwide has led to the presence of many local and foreign entities in this field in our country, necessitating the establishment of a legal infrastructure for these organizations. In this regard, the need to regulate the operations of non-bank institutions engaged in payment services and electronic money issuance has arisen to prevent practices that could negatively impact the trust required for payment services, which can be defined as the transfer of funds from the sender to the recipient.
In this context, Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions, published in the Official Gazette dated June 27, 2013, and numbered 28690, has filled the existing legal gap in Turkey by regulating activities related to payment systems, payment services, and electronic money issuance. The regulations and communiqués issued under Law No. 6493 have established the operational and activity principles for payment systems, payment, and electronic money institutions.
For more detailed information, you can contact Attorney Kortan Toygar.
