Important Regulatory Update | Amendments to the Fintech and Payment Services Sector
The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation”) and the Communiqué Amending the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in Payment Services (‘Communiqué’) prepared by the Central Bank of the Republic of Turkey (“CBRT”) were published in the Official Gazette dated 28.03.2025 and numbered 32855.
The Regulation and the Communiqué made amendments on the following issues:
- Payment service providers participating in the Funds Instant and Continuous Transfer of Funds System (“FAST”) and/or ranked in the top 10 in terms of payment volume are obliged to establish a direct online access infrastructure through the Bankalararası Kart Merkezi A.Ş. (“BKM”) API gateway and support access requests.
- The deadlines for fulfillment of these obligations have been extended until 31.12.2025, depending on the payment volume ranking and the availability of online access.
- Persons who offer digital wallet services and do not yet have an operating license have been given until 31.12.2025 to obtain an operating license and comply.
- The BKM API Gateway connection obligation introduced in the Regulation has been reflected in the Communiqué, and organizations with top 10 payment volumes and offering online access have been obliged to complete their technical compliance regarding data sharing services until 31.12.2025.
These amendments were introduced to ensure a stronger integration in the payment services and electronic money sector and to strengthen the competitive environment.
Particularly for large-volume payment institutions and digital wallet service providers, it is important that infrastructure investments are accelerated and technical compliance processes are carried out effectively.
For detailed regulation texts:
- Click for the Regulation amendment
- Click for the Communiqué amendment
hashtag#FintechLaw hashtag#PaymentServices hashtag#ElectronicMoney hashtag#Regulation hashtag#TCMB hashtag#BKM hashtag#FAST