Turkey's Electronic Money

Press Release

TURK Elektronik Para Inc.
Press Release 2015/3
05 November 2015 Monday

Consumers Are Now Under Legal Protection in E-Commerce Payment Transactions

The New Regulation of the Law No. 6493, regulating the Payment Services and Electronic Money Institutions, which was put into practice as of 27 July 2015 maintains the security of companies or consumers who are using the electronic money and new payment systems through “licensing”. The Chairman of TURK Elektronik Para Inc. , which is one of the first companies to obtain a license with the introduction of a license condition to electronic money companies, said: “The Law No. 6493, with an appropriate application, has recommended that the transactions should be made on the server which is established in Turkey. As you know, the banks also have to make the transactions on domestic servers.”

Nowadays, "electronic money" and "next generation payment systems" have become one of the most popular topics in electronic commerce environments. We can now use not only the payment systems of the banks but also the different systems. But what about security?

So when you buy "electronic money"" or when you made a payment are your money,your payment and much more importantly your information secure?

With new payment systems triggered by internet technologies, also about the subject of electronic money we have to pay attention to "safe transictions". How could we understand we are making "safe transactions"?The new regulation, which was enacted as of June 27, 2015, provides this through "licensing".

Law No. 6493 Issued for the Security of Consumers
What does this law brings? TURK Electronics Money Inc. Emin Can Yilmaz, Chairman of the Board of Directors, explains: "The most important characteristic of this law is that it gave protection to Turkish consumers against electronic money and payment systems by putting variouss requirements. companies which fulfill these requirements are provided with a "license" .

In other words, the Electronic Finance Institutions that you can make secure transactions with are marked with "license"." E-commerce companies whhich are worrying about safety of their cusstomers should use payment methods of the conpany which is licensed at Turkey. Thanks to advancing technology today, there are over 150 new payment systems besides bank credit cards. Most of these systems brought by multinational companies to our country.With the Law No. 6493, these companies was made obligatory to have a license and the state guarantees were provided for the transactions made through these systems.However, the regulations that are introduced, of course, are going to be difficult for some companies.

For example, there is a huge pressure to change "servers must be at Turkey" requriment and this means companies are not willing to use "protection accounts" which is created for protection of conssumer rights.

Is the payment system of unlicensed companies insecure?
Thanks to advancing technology today, there are over 150 new payment systems besides bank credit cards. Most of these systems brought by multinational companies to our country. With the Law No. 6493, the license of these companies was made obligatory and the state guarantees were provided for the transactions made through these systems. However, it seems that these firms are trying to lobby to loosen conditions in the parliament, instead of obtaining licenses.

For example, there is a huge pressure to change "servers must be at Turkey" requriment and this means companies are not willing to use "protection accounts" which is created for protection of conssumer rights.

It will be better for consumers to licensed companies for their electronic money and payment transactions.
Regarding what kind of security opportunities the Law No. 6493 provides to consumers, TURK Elektronik Para Inc. Chairman Emin Can Yılmaz "Law no.6493 made every transaction mandatory to use servers at Turkey, for protection Turkish Consumer.As you now banks are required to make theri transactions over domestic servers.

Yilmaz stated that in the case of troublesome transactions, if the consumer applies for legal remedy, this means to solve the problem more easily and quickly. And he added, " For consumers who make electronic money or payment transactions, for consumers who shop through e-commerce, we recommend them to choose licensed companies. This is very important for their safety. "

About TURK Elektronik Para Inc. :
The services of TURK Elektronik Para Inc., which is licensed from BDDK within the frame of Law No. 6493 and published in the Official Gazette, are fulfilled by a strong team.

Since 2004, TURK Elektronik Para Inc. has been offering its services of BaroKart, AdaletKart and PlatinCard with its R & D technology. It mediated to a considerable amounts of transactions with the “Contactless Smart Cards” and unique payment infrastructure which are presented so far. There are approximately 1 billion TL transactions have been carried out through Barokart which is a project combines the Smart Attorney ID Card and electronic wallet.

With the granteed permission as an electronic money company services and unique brands of this services are, virtual pos solutions for e-commerce websites(TURKPOS), bill payment services(TURKVEZNE), Collection Services(TURKTAHSILAT,TURKODEME) and most important authorization of this permit as electronic money issuance (PARAM, BAROKART, ADALETKART, EASYCARD, PLATINCARD).