The Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation”) has been published in the Official Gazette dated 01.12.2021 and numbered 31676.
In the published Regulation, it is seen that detailed regulations have been introduced on processes such as capital, partnership structure, establishment principles, license application and extension processes, data sharing services, technical, infrastructure, information security, risk and internal control processes, remote customer acquisition. In this context, the main regulations are as follows.
Within the scope of Article 3 of the Regulation, any quantitative data that can be associated with price such as fees, commissions and interest are defined as competition sensitive data.
Pursuant to Article 4 paragraph 7, the provision of services listed in subparagraph (d) of the first paragraph by the electronic communications operator to its non-adult prepaid or post paid users is conditional upon the approval of the person’s legal representative for the services.
In accordance with Article 8, the payment service provider is obliged to offer the payment account and infrastructure services it offers under similar conditions to other commercial customers, business partners and other payment service providers with which it realizes transactions, in case another payment service provider requests to use it and within 1 month at the latest, it is obliged to convey the decision to reject or accept the request.
Pursuant to Article 11, the application fee for the authorization permit has been regulated as TL 500.000 and the amount of the paid-in capital of the company,
free from collusion has been amended relating to the provision of services in different categories has been amended.
In Article 14, determining principles for the operating principles of payment institutions and electronic money institutions (“Institution”) have been introduced.
The activities that the Institutions may not carry out have been detailed in Article 15. In paragraph 4 of the relevant Article, an exception has been made to the prohibition of foreign exchange buying and selling, in payment transactions in which both parties are resident in Turkey and are making transations through payment service providers located in Turkey. Pursuant to paragraph 5 of the same Article, Institutions are allowed to make foreign exchange transactions to persons who are not considered to be resident in Turkey, provided that it is limited to the provision of payment services only.
Pursuant to Article 18, the regulation for the Institution to carry out payment services through representatives has been expanded, allowing Institutions to establish representative relations in relation to their activities abroad, with real or legal persons residing abroad.
In the scope of Article 19, it has been regulated that the Institution may cooperate with legal entities residing abroad that have obtained permission from the Bank.
In accordance with Article 21 paragraph 2, Institutions have obtained the opportunity to procure information systems, marketing, advertising, corporate resource management, accounting, call center, follow-up activities of the Institution’s administrative affairs from external service providers.
The minimum equity obligation under Article 33 has been differentiated according to the types of payment services to be provided by the payment institutions.
Within the scope of Article 59, the principles for payment institutions to provide the services regulated
in paragraphs f and g of Article 4/1 have been comprehensively regulated.
In Articles 60 and 61, rules regarding access to payment account information have been introduced during the provision of the payment order initiation service and the provision of the account information service.
In Article 62, a comprehensive regulation has been introduced for the protection of data related to the realization of payment service activities as part of the Institutions’ activities.
Pursuant to paragraph 3 of Article 66, it has been regulated that, where both parties of the transaction are resident in Turkey and use payment service providers located in Turkey, the Institution may only perform payment transactions in Turkish Lira. Article 66 paragraph 4, sets the rules regarding transactions that cannot be made in foreign currency by persons residing in Turkey.
Within the scope of Provisional Article 1 paragraph 1, regulating the transitional provisions, a 1-year transition period has been defined starting from the effective date, for compliance with all new provisions introduced by the Regulation.
You can access the full Turkish text of the regulation from the link below.