Bulletin On Amendments to The Regulations on Payment Services and Electronic Money Issuance and Payment Service Providers
With the “Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers” (“Regulation“) and the “Communiqué Amending the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment Services” (“Communiqué“) published in the Official Gazette dated October 7, 2023, and numbered 32332, certain amendments were made to the legislation.
The regulations introduced by the Regulation are summarized as follows:
- The principles regarding the digital wallet, which is a payment instrument that allows the customers to make a payment transaction using the information related to the payment account or payment instrument defined by the customer, have been determined and those who already provide digital wallet services must comply with the provisions of the Regulation until October 7, 2024.
- If the deficiencies in the information and documents submitted to the Central Bank of the Republic of Türkiye (“CBRT“) by payment institutions and electronic money institutions applying for an operating license are not corrected within 3 months following the date of service of the CBRT’s letter regarding the deficiency, the application will be deemed as not filed.
- Payment institutions and electronic money institutions and the real and legal persons who are shareholders of these institutions applying for an intelligence review to the CBRT shall attach the following as an annex to their application petition; the undertaking that the capital in the company is met from their resources and that it is provided and deposited in cash free from any kind of collusion, the bankruptcy concordat certificate to be obtained from the relevant trade registry office regarding these persons and the companies in which these persons directly have at least 33% shareholding, and the document regarding the Findeks credit rating.
- If the deficiencies in the information and documents on an application submitted to the CBRT by an institution that has been granted an operating license to offer services in a new field of activity are not rectified within six months from the date of receiving CBRT’s deficiency notification letter, the application will be regarded as not having been submitted. In the event of a subsequent application for the expansion of activities, the process for activity expansion will commence anew.
- Share acquisitions and transfers between companies belonging to the same group must be notified to the CBRT within 10 business days after the entity becomes aware of them.
- Institutions are required to notify the CBRT of any title change within 20 business days of the completion of the internal processes with regard thereto.
- The amounts of payment transactions deemed as low-value and the amounts deemed as low-value payment instruments and electronic money have been increased as follows:
- Whilst payment transactions that do not exceed 300 Turkish Liras are considered low-value payment transactions, this amount has been increased to 1,000 Turkish Liras.
- Whilst payment instruments with an expenditure limit of 500 Turkish Liras or less or with a fund amount not exceeding 500 Turkish Liras at any time are considered low-value payment instruments, this amount has been increased to 2,700 Turkish Liras.
The provisions of Article 23 of the Regulation regulating the rights and obligations related to the payment instrument will enter into force as of March 31, 2024, and the other articles entered into force on the date of publication.
The Communiqué regulates the sharing of the necessary data with third parties by the principle of proportionality to ensure the smooth realization of the payment transaction and the processes of identification and establishment of the contractual relationship to be carried out utilizing remote communication.