The Regulation (“Regulation”) on Amendment to the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Payment Services Regulation”) has been published in the Official Gazette dated 7 October 2023 and numbered 32332.
Thus, digital wallet was defined and the the possibility for payment institutions to act as an interface provider was regulated for the first time.
According to the Regulation, a digital wallet is defined as an electronic device, online service or application that stores the information related to the payment account or payment instrument defined by the customer and enables the customer to make a payment transaction using the information related to the payment account or payment instrument defined by the customer, and it designates that digital wallet services may be
provided by payment service providers, along with the requirements pertaining to such services under the Regulation.
Those who were providing this service before the entry into force of the amended article but did not have an operating license are obliged to obtain the necessary permits by October 7, 2024, and those who already have a license are obliged to comply with the prescribed requirements by this date.
The Regulation also allows the followng activities to be carried out by the payment institutions in addition to the activities that were previously permitted:
- Ancillary services related to the provision of payment services and complementary to payment services, such as card data processing, fraud and abuse prevention, which secure and facilitate the activities of payment service providers.
- Training and consultancy services related to payment services.
Provision of value-added services in relation to legal entities and qualified services in relation to natural persons