Get Informed About the Electronic Money

What is electronic money?
Electronic money is a monetary value that is issued in return of the accepted funds, stored electronically, and used to perform payment transactions. As a result of transferring the funds received from the customer to online electronic money accounts or loading them into virtual/physical cards, it enables the customer to make payment transactions up to the amount of funds loaded instead of cash.

What is a prepaid card?
Prepaid cards are physical or virtual cards that enable payment transactions up to the amount of loaded funds. The received amount of funds may be defined directly on the card, or prepaid cards may also be used in connection with the electronic money account. Prepaid cards have the characteristics of electronic money and may be issued privately or anonymously. There are single-use cards as well as prepaid cards that may be loaded more than once. It provides the opportunity to make transactions only in the amount of the transferred funds, it cannot be associated with credit transactions.

What is an electronic money account?
These are online accounts opened before an electronic money institution that enable payment transactions up to the amount of funds received. Through the electronic money account, all kinds of payment transactions can be made as well as the purchase of goods or services. It does not provide any return to its owner, depending on the period or the amount, and does not offer any loan facility.

Who is entitled to conduct electronic money activities?
Electronic money institutions, banks operating in accordance with the Law No. 5411 and PTT can carry out electronic money issuance activities.

How to make loadings to the electronic money account?
Money can be loaded into the electronic money account via wire transfer, eft, debit card, credit card, cash payment through branches and representatives of the electronic money institution or other channels offered by the electronic money institution.

What can I do with electronic money?
In addition to purchasing goods and services, money transfer, bill payment and similar payment transactions can be made through the electronic money account or cards with electronic money balance.

Is it possible for the electronic money institutions to offer payment services?
Pursuant to Article 13 of Law no. 6493, payment institutions, electronic money institutions, banks within the scope of the Law no. 5411 and PTT can provide payment services and these institutions are called "Payment Service Providers".

Which payment services may be offered by the electronic money institutions?
Electronic money institutions may offer the types of payment services within the scope of the operating license granted by the Central Bank of the Republic of Turkey in accordance with the Law no. 6493. General information about payment services may be reached to through the "General Information about the Payment Services" tab.

What is a representative?
A representative is a natural or legal person acting on behalf of the electronic money institution. Electronic money institutions may carry out payment and electronic money services through representatives. The representative does not need to obtain permission from the CBRT in order to provide payment or electronic money services. The electronic money and payment services that may be offered by the representative are limited to the operating license of the electronic money institution of which he/she/it is the representative. Information about the representatives of the electronic money institutions may be found under the "Our Members" tab of our website.

What are the advantages of using electronic money for the customer?

• Benefiting from financial services quickly and at low costs
• Providing convenience and security in terms of payment transactions
• Ability to develop new products and services faster by means of flexible business models
• Increasing the quality and diversity of the offered financial services
• Providing customer-oriented service
• Increasing customer satisfaction
• Innovative approach
  

What are the contributions of electronic money activity to the financial system and economy?

• Expansion of competition
• Increasing the efficiency and productivity of the financial system
• Widespread use of technology in the financial system
• Increasing the diversity of financial instruments
• Making contributions to the fight against the underground economy
• Reaching people who do not have access to the financial system
• Expansion and development of electronic commerce
• Increasing savings indirectly