The procedures and principles regarding payment services and institutions are set out under the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Rules on the equity of payment institutions are regulated under the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation”).
Pursuant to the Regulation, the equity of payment institutions is calculated as of the end of June and December. The minimum amount for the calculated equity is also determined by the Regulation. It is also regulated that these amounts will be re-evaluated every year in January by the Central Bank of the Republic of Turkey, taking into account the annual changes in the price indices published by the Turkish Statistical Institute.
Within this scope, the Central Bank of the Republic of Turkey has updated the minimum equity requirement amounts of the institutions providing payment services with a Communiqué published in the Official Gazette dated 28 January 2023 and numbered 32087.
Pursuant to the Communiqué, the calculated equity of the institutions cannot be less than the amounts stated below.
Payment Institution | Minimum Equity Until 30 June 2023 | Minimum Equity As of 30 June 2023 |
|---|---|---|
Payment institutions that perform payment services exclusively for the intermediation of invoice payments | TRY 3 million [approx. EUR 146.500] | TRY 5.5 million [approx. EUR 268.600] |
Other payment institutions* | TRY 5 million [approx. EUR 244.200] | TRY 9 million [approx. EUR 439.600] |
Electronic Money Institutions | TRY 13 million [approx. EUR 635.000] | TRY 25 million [approx. EUR 1.221.200] |
The Communiqué will enter into force on 30 June 2023.
Authors: Burak Özdağıstanli, C. Sümeyye Uçar
---------------------------------------------------------------------------------------- * Except for payment institutions that provide the service of providing consolidated information regarding one or more payment accounts of the payment service user on online platforms, provided that the payment service user's consent is obtained.