What is a payment service?
The payment service, within the most common sense, is the storage of the fund received from the sender and/or the mediation for the transfer of the fund to the receiver. Article 12 of the Law no. 6493 on “Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions” explains which transactions are considered as payment services. Within the scope of the aforementioned article, the operation of the payment account, money transfer, issuance and acceptance of the payment instrument, remittance, direct carrier billing and intermediary services for bill payments are considered as payment services.
Which transactions fall to the scope of the payment service?
Operation of the payment account:
It is the process of opening a payment account on behalf of the customer, depositing money into the payment account and withdrawing money. No income may be provided to the payment account holder depending on the period or amount.
Transactions of Money Transfer:
These are the transactions of transferring the fund within the payment account opened on behalf of the customer to an account before another institution that provides payment services. They also cover account-related fund transfers realized with credit cards, debit cards, prepaid cards and similar payment instruments. Regular orders of payment are also considered among the money transfer transactions.
POS service:
It is the use of POS obtained from banks to those who sell goods or services, in other words, it means the mediation for the acceptance of the card and the transfer of fund in terms of the sales made through a debit or credit card. This service is one of the most common examples of the money transfer transactions. Payment and electronic money institutions come to an agreement with multiple banks, systematically bring together many POS that they receive from banks, issue their own POS and make them available to merchants selling goods or services.
Issuance and acceptance of the payment instrument
It is enabling the use of cards, passwords and similar tools determined in the agreement executed with the customer and used by the customer to initiate payment transactions, and to make payment transactions with these tools.
Remittance:
It is the transfer of fund made by the sender to the receiver without opening an account on behalf of the customer. It is a type of money transfer made without the customer's account before the institution.
Direct Carrier Billing:
It is the realization of the payment transaction by reflecting the payment amount on the customer's carrier bill. The customer pays the invoice amount to the electronic communication operator instead of the party providing the goods or services, and the payment institution or electronic money institution operating under the electronic communication operator transfers the product or service price to the goods or service provider.
Billing:
It is the provision of the billing services such as billing of electricity, water, natural gas, and communication to the customer. It includes the transfer of the invoice amount received from the customer to the invoice issuer institutions.
Payment order initiation service
It is the service of forwarding the customer's payment order to the institution where the payment account is held. Instead of placing payment orders regarding the payment accounts before more than one institution by contacting each institution, the customer may place the order directly through the payment institution or electronic money institution.
Account information providing service
It is the presentation of the information as to the accounts before more than one institution to the customer through an online platform, by the payment institution or electronic money institution in a consolidated form. It enables the customers to access account information through a single source instead of viewing their accounts separately before each organization where their payment accounts exist.
Who may offer payment services?
Pursuant to Article 13 of Law no. 6493, payment institutions, electronic money institutions, banks within the scope of Law No. 5411 and PTT can provide payment services and these institutions are called "Payment Service Providers".
What payment services may payment institutions and electronic money institutions offer?
Payment institutions and electronic money institutions may offer payment services depending on the scope of the official authorization granted by the Central Bank of the Republic of Turkey in accordance with the Law no. 6493.
What is a representative?
A representative is a real or legal person acting on behalf of a payment institution or electronic money institution. Institutions may perform the payment services through a representative. The representative does not need to obtain permission from the CBRT to provide payment services. The payment services that may be offered by the representative are limited to the official authorization of the payment or electronic money institution of which he/she/it is the representative. Information about the representatives of the institutions may be found under the "Members" tab of our website.
What are the advantages of the payment services offered by the payment and electronic money institutions for customers?
What are the contributions of payment services offered by payment and electronic money institutions to the financial system and economy?