Recently, many retailers in our country have increased their customer loyalty. to a higher level It can be seen that they are trying to wear it and make it more popular and useful. Today, an important development has taken place on the legal side of these developments.

In the Government Gazette of 21 August 2022 and numbered 31930 With the publication of the communiqués, 16 companies active in our country were allowed to become electronic money institutions. The most notable names on the list are: Migros and trendyol it happened.

What is an electronic money institution?

While the term electronic money initially represents cryptocurrencies in people’s minds, the situation is quite different. According to the legal definition, electronic money, for a specific fund is given. Let’s take an example: Let’s have a function called Webtechnocüzdan (WTC). Let’s assume that when you deposit 10 TL in the first step, you get this money in your wallet. This is the first line.

The second rule is that the money is used by someone other than us. So go to the contracted markets Ability to shop with WTC Let’s think like. If WTC is used in this process, where Webtekno is neither a buyer nor a seller, it could be electronic money. This is the second line.

So an electronic money

• Withdraw money
• It can be stored and used electronically, through terminals and computers.
• Electronic money can be used once or multiple times.
• Electronic money can immediately change hands between parties,

must have characteristics.

Now that we’ve clarified what electronic money is, it’s time for electronic money institutions. electronic money institutions, collects the necessary funds for this electronic money, makes it possible to use electronic money in exchange for money through the relevant banks and, in a sense, Control Center functions.

Which services can be provided with the ‘Operation License Electronic Money Institution’?

In our country According to law no. 5411 operating banks, PTT A.Ş. and persons or organizations other than electronic money institutions authorized to issue electronic money under this Act are prohibited from issuing electronic money. If we go back to the WTC example; We cannot issue WTC without legal permission.

Companies that have the operating license of the electronic money institution can use prepaid cards, virtual POS, money transfers and bill payments, etc. can offer services. For example, essentially a transport card IstanbulCard You can also do your shopping. In this case, the balance on your card will be used as virtual money.

The companies that will operate as an electronic money institution are as follows:

• If Payment Services and Elektronik Para A.Ş.
• Bingo Electronic Money and Payment Services Inc.
• BRQ Link Payment Services Inc.
• DSM Payment and Electronic Money Services Inc. (Trendyol)
• Fzypay Electronic Money and Payment Services Inc.
• Lidio Payment Services Inc.
• Moneypay Payment and Electronic Money Services Inc. (Migros)
• ParaQR Electronic Money and Payment Services Inc.
• Parolapara Electronic Money and Payment Services Inc.
• Rubik Electronic Money and Payment Services Inc.
• SecurIT Payment and Electronic Money Services Inc.
• Sundus Payment Agency A.Ş.
• Token Payment Services and Electronic Money Inc. (Koç group)
• Tom Pay Electronic Money and Payment Services Inc.
• TTM Electronic Money and Payment Services Inc.
• Vepara Electronic Money and Payment Services Inc.