The Regulation on Payment Services, Electronic Money Issuance
and Payment Service Providers
(“Regulation”) has been published in
the Official Gazette by the Central Bank of the Republic of Turkey
(“Central Bank”).
Aiming to introduce provisions in line with Payment Services
Directive 2 (PSD2)1 of the European Commission, the
Regulation brings in thorough changes and new requirements for
electronic money issuers and service providers, including an
overhaul of rules and procedures concerning payment services,
especially in the context of mobile payments. In addition, since
these services are provided through payment accounts used
exclusively for payment transactions, the Regulation specifies that
no interest can be accrued on behalf of customers and no benefits
in relation with periods or total sum can be offered by the
institutions providing the service. In other words, the Central
Bank is aiming to preclude any usage of such accounts for lending
and investment
