Payment and Electronic Money Institutions

Pursuant to the Communique on Redetermination of Minimum Equity Amounts of Payment and Electronic Money Institutions (“Communique”) published on the Official Gazette dated 28.01.2023 and numbered 32087, minimum equity amounts stipulated for payment and electronic money institutions under Article 33 of the Regulation on Payment Services and Electronic Money Issuance and Payment, Service Providers (“Regulation”) have been updated.

Accordingly, the minimum equity amounts required for payment and electronic money institutions in 2022 and 2023 are comparatively as follows:

For Electronic Money Institutions:

• In 2022, the required minimum equity amount was TRY 25,000,000.
• In 2023, this amount has been raised to TRY 41,000,000.

For Payment Institutions which exclusively provide intermediation services for invoice payments:

• In 2022, the required minimum equity amount was TRY 5,000,000.
• In 2023, this has been increased to TRY 7,000,000.

For all Other Payment Institutions, except those which exclusively provide the payment service as stipulated under Article 4/1 (g):

• In 2022, the required minimum equity was TRY 9,000,000.
• In 2023, it has been updated to TRY 15,000,000.

The effective date of the Communique has been determined as 30.06.2023.