Establishing a Payment System Operator in Turkey involves a set of legal steps that should be taken in due diligence. Undoubtedly banking and finance represents one of the most complicated fields in Turkey in terms of the enforcement of banking obligations such as secure transaction methods, the inclusion and deployment of financial technologies, the right to data privacy, the prevention of cybercrimes. Thus, banking and finance are strictly regulated by lawmakers in Turkey. Banking and Finance consultancy in Turkey is regarded as one of the key players in doing business.

Introduction

Establishing a payment system operator (PSO) in Turkey requires a set of careful steps. This article will present a comprehensive outline of core requirements for establishing a payment system provider in Turkey. Challenges and opportunities will be addressed in a detailed manner.

Establishing a PSO requires careful planning and adherence to strict regulatory frameworks. This article provides a comprehensive guide to the essential requirements for establishing a payment system provider in Turkey, detailing both challenges and opportunities.

What is a Payment System Operator?

Payment System Operator is a foundation responsible for managing and operating a payment system aiming at facilitating the transfer of funds between individuals, businesses, and financial institutions. These operators should guarantee the smooth, secure, and efficient functioning of payment transactions, including clearing, settlement, and processing of payments.

What is the regulatory framework on establishing a payment system operator in Turkey?

Establishing a payment system operator requires numerous steps in the field of commercial, banking and finance. It necessarily means that three main legal instruments are applicable to the establishing payment system operator in Turkey.

The establishment of a payment system operator in Turkey is governed by multiple legal frameworks spanning commercial, banking, and financial laws, including:

• Turkish Commercial Law numbered 6102 [Primary Legislation]

Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493

Secondary Regulations such as,

• Regulation on Payment Services and Electronic Money Issuance, Payment Service Providers, circuited in the Official Gazette dated 1 December 2021 and numbered 31676,
• Regulation on the Generation and Use of TR QR Code in Payment Services,
• Regulation on the Disuse of Crypto Assets in Payments,
• Communique on the Management and Supervision of the IT Systems of Payment and Electronic Money
• Institutions and the Data Sharing Services of Payment Service Providers in Payment Services Area,

Key Functions of a Payment System Operator in Turkey

Transaction Processing – Facilitates digital payments, credit/debit card transactions, wire transfers, mobile payments, etc.

Clearing and Settlement – Ensures that transactions are verified and funds are correctly transferred between accounts.

Security and Compliance – Implements anti-fraud measures, encryption, and regulatory compliance with financial laws.

Interoperability – Connects multiple banks, financial institutions, and payment service providers.

Technology and Infrastructure – Develops and maintains the software and hardware required for payment processing.

Which authority is the key institution in Turkey for the establishing payment system operator in Turkey?
The Central Bank of the Republic of Turkey serves as the primary regulatory authority overseeing the licensing and operation of payment system operators.

What are payment systems operated by the Central Bank in Turkey?

Central Bank is granted an authority to operate the payments systems as follows:

• Electronic Fund Transfer System (EFT)
• Turkish Lira Interbank Payment System
• Turkish Lira Customers Payment System
• Electronic Securities Transfer System (ESTS)
• The Instant and Continuous Transfer of Funds (FAST) System
• Payment and Securities Settlement Systems Licensed by the CBRT
• Interbank Card Center (BKM) – Domestic Clearing and Settlement System
• Istanbul Clearing, Settlement and Custody Bank Inc. (TAKASBANK)
• Equity Market Clearing System
• Debt Securities Market Clearing System
• Takasbank Cheque Clearing System
• Central Registry Agency (MKK) – Central Registry System
• Garanti Payment Systems Inc. (GÖSAŞ) – Takasnet System
• Paycore Payment Services Clearing and Settlement Systems Inc. (Paycore) – Paycore Clearing SystemBileşim Financial Technologies and Payment Systems Inc. (Bileşim Inc.) – TAM Clearing Settlement System

Key Legal Requirements for establishing a Payment System Operator in Turkey?

Company Structure

Payment system operators should be formed as corporate rather than an individual.

In relation to the best guidance on that matter, take a look at our Practice Area Corporate Governance

The relevant company structure should be a joint stock company, established in compliance with Turkish Commercial Law. It is critical to note that all shares should be issued against cash and be fully registered in the company’s name.

With regard to the company formation procedures see our articles:

Establishment of A Company in Turkey

Contract Law

Capital Requirements

A paid-in capital of at least 1 or 2 million Turkish Liras is required, which must be in cash. According to Article 14 -ç of the Law Numbered 6493, it must be at least one million Turkish Lira for payment institutions providing the services specified in subparagraph (e) of the first paragraph of Article 12 of this Law, and at least two million Turkish Lira for other payment institutions.

Minimum Equity Amount Requirement for Payment System Operator

Under Article 33 of Regulation on Payment Services and Electronic Money Issuance, Payment Service Providers, circuited in the Official Gazette dated 1 December 2021 and numbered 31676, there are required amounts of equity requirement. Necessary minimum levels are identified by Communiqués. The most recent communiqué was circuited in the Official Gazette dated January 30, 2025 numbered 32798.

Management and Personnel:

Qualified Staff: The PSO entity must employ a sufficient number of qualified personnel to operate the system effectively and properly.

Risk Management and Security:

Implementation of robust risk management protocols is mandatory.

Shareholder Qualifications:

Eligibility Criteria: Shareholders holding 10% or more of the capital, as well as those with control over the PSO, must meet the eligibility criteria enumerated in the Banking Law numbered 5411.

What are core steps for the licensing process?

It is important to mention at this juncture that application for operational license has five stages:

• company formation,
• fulfillment of necessary norms and application to the Central Bank,
• the completion of registration before Trade Registry Office,
• the application for security intelligence research,
• the application for final approval about the operational license.

Commencement of Operations: Upon approval, the PSO must commence operations within one year from the date the license is granted and must inform the CBRT of the operational start date.

It’s essential for entities aiming to establish a PSO in Turkey to thoroughly understand and comply with these legal requirements to ensure a successful application and operation.

Conclusion

Establishing a payment system operator in Turkey is a complex and time-consuming process that requires compliance with multiple legal and regulatory requirements. Due to stringent approval conditions, only 26 companies currently hold operational licenses for payment services, according to CBRT sources. This article serves as a comprehensive handbook for entities seeking to navigate the regulatory landscape of payment system operators in Turkey.

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