Announcement Regarding the Activity Authorizations of Certain Payment Services and Electronic Money Institutions

"Decision on Granting Operating Permission to Qpay Elektronik Para ve Ödeme Hizmetleri A.Ş. to Operate as an Electronic Money Institution" (the “Communiqué I”), “Decision on the Expansion of Activity Authorisations of N Kolay Ödeme ve Elektronik Para Kuruluşu A.Ş." (the “Communiqué II”)and “Decision on the Revocation of the Decision on the Revocation of the Operating License of IQ Money Ödeme Hizmetleri ve Elektronik Para A.Ş.” (the “Communiqué III”) have been published in the Offical Gazette dated 25 July 2024 and numbered 32612 by the Central Bank of the Republic of Turkey (the “Bank”)

Within the scope of Communiqué I, Qpay Elektronik Para ve Ödeme Hizmetleri A.Ş. has been granted permission to operate as an electronic money institution by approving some payment services regulated in Article 12 of Law numbered 6493 (the “Law”) within the scope of Article 18, paragraph 2 of the Law.

According to the Communiqué I, payment services related to the authorisation granted under Article 12 of the Law are as follows;

a) All the transactions required for operating a payment account including the services enabling cash to be placed on and withdrawn from a payment account,

b) Execution of payment transactions, including transfer of funds on a payment account with the user’s payment service provider, direct debits, including one-off direct debits, payment transactions through a payment card or a similar device, credit transfers including standing orders,

c) Issuing or acquiring payment instruments,

d) Money remittance, 

e) Corresponding services enabling bill payments. 

f) (Added by Law No.7192 of November 12, 2019) At the request of the payment service user, the payment initiation service related to the payment account at another payment service provider.  

g) (Added by Law No.7192 of November 12, 2019) Upon approval of the payment service user, the online provision of consolidated information of one or more payment accounts held at payment service providers by payment service users. 

In addition, pursuant to the second paragraph of Article 18 of the Law, the Institution shall be able to issue electronic Money upon obtaining permission form the bank.

In addition, as per Communiqué II, NKolay Ödeme ve Elektronik Para Kuruluşu A.Ş. has been granted an extension of operating authorization for certain payment services regulated under Article 12 of the Law.

According to the Communiqué, payment services related to the authorisation extended under Article 12 of the Law are as follows;

f) (Added by Law No.7192 of November 12, 2019) At the request of the payment service user, the payment initiation service related to the payment account at another payment service provider.  

g) (Added by Law No.7192 of November 12, 2019) Upon approval of the payment service user, the online provision of consolidated information of one or more payment accounts held at payment service providers by payment service users. 

Within the scope of Communiqué III, the decision to revoke the permission of IQ Money Ödeme Hizmetleri ve Elektronik Para AŞ to operate as an electronic money institution to provide electronic money services has been revoked.

Pursuant to Communiqué III, IQ Money Ödeme Hizmetleri ve Elektronik Para A.Ş. has been decided to continue to operate as an electronic money institution to provide payment services specified in subparagraphs (a), (b), (c) of the first paragraph of Article 12 and electronic money issuance services specified in the second paragraph of Article 18 of the Law.

You may find the detailed provisions of the Communiqués in the Official Gazette.