Move by the Central Bank towards a 'digital wallet'

With the Central Bank's addition of the definition of a digital wallet in the payments section, it is stated that in Türkiye, digital payments will be used and expanded more easily and cost-effectively, taking into account risks and security elements in line with the needs of the day. This move aims to contribute to transitioning to a less cash-dependent economy and increasing financial inclusion.

The new QR code provisions

In the regulation, necessary changes related to payment and electronic money institutions providing interface services within the scope of the Regulation on the Principles of Operation of Digital Banks and Service Model Banking published in the Official Gazette on December 29, 2012, by the Banking Regulation and Supervision Agency (BDDK), have been reflected.

As the tendency for banks to operate by establishing payment or electronic money institutions increases, articles have been added to ensure that banks provide services to their subsidiaries and other organizations offering infrastructure services under the same terms, conditions, and fee policies, in order to reduce disruptive effects on competition in the sector.

Provisions regarding the widespread adoption of FAST TR QR code payments at businesses were included. Along with the provisions added within the framework of the strategy to expand the usage of TROY, it is stipulated that there can be no discrimination in different applications according to card system organizations and expressions have been introduced to promote its use at businesses.

Alignment with regulations

According to the changes, funds received for payment and electronic money issuance cannot be used as collateral, and accounts holding these funds cannot be subjected to blocking, liens, or similar encumbrances.

Updates were made to the provisions related to processes conducted through remote communication tools, aligning the regulations regarding the issuance of electronic money and payment service providers with the Financial Crimes Investigation Board (MASAK) regulations.

Updates were made to streamline the identification and contract processes that citizens will carry out with payment and electronic money institutions through remote communication tools to make them more efficient, easy, and secure, in line with MASAK regulations.

Provisions related to the creation of audit trails were updated to increase the information security requirements that organizations must comply with in this regard.

In the changes made to the regulation, it was stated that in cases where the audit trail recording system stops and transactions continue, it is the responsibility of the organization to prove that all kinds of transactions are carried out in accordance with the regulation and communiqué provisions. It was also noted that in case of any party suffering damage due to these transactions, the organization is obliged to compensate for the damage suffered by the parties.