Ankara, Türkiye – In a surprise move, the Central Bank of the Republic of Turkey (CBRT) announced the cancellation of operating licenses for three major electronic payment
and financial services institutions in the country.
The official decision was published in the Official Gazette today, Saturday.
It included the cancellation of work permits for both Pay Fix Financial Services
and Electronic Payment Company,
Also, İninal Payment and Electronic Financial Services Company / Aypara Payment Institution.
Details of the cancellation decision
According to the announcement, the Turkish Central Bank made this decision
based on a decision issued by the Banking Regulation and Supervision Agency (BRSA).
The Central Bank confirmed that the cancellation was carried out in accordance
with the provisions of Law No. 6493, relating to payment and settlement systems for securities.
Payment services and electronic money institutions.
The cancellation of licenses under this law indicates the existence of violations
or failure to meet the required regulatory conditions.
This is to ensure the continued operation of these institutions in the payments sector.
Decision impact
The central bank’s decision is expected to have a significant impact
on electronic payment services in Türkiye.
Pay Fix and İninal are well-known companies.
Which offers extensive services in the field of electronic wallets
and digital payment transactions for consumers and businesses.
