Minimum Equity Requirement For Payment Service Institutions Is Updated

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.