Permission to Become an ‘Electronic Money Institution’ for Trendyol and Migros

16 institutions, including Trendyol and Migros, were allowed to operate in electronic money institutions with the communiqués published in the Official Gazette. So what is an electronic money institution?

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

In the Official Gazette dated 21 August 2022 and numbered 31930 With the communiqués published, 16 companies operating 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?

Although the term electronic money first envisions cryptocurrencies in people’s minds, the situation is very different. According to the legal definition, electronic money, for a certain fund is given. Let’s go with an example: Let’s have a feature 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 rule.

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, an electronic money may be in question. This is the second rule.

So an electronic money

  • Withdrawal of funds
  • It can be stored and used electronically, by means of terminals and computers.
  • Electronic money can be used one time or multiple times.
  • Electronic money can change hands instantly between parties,

must have features.

Now that we’ve clarified what electronic money is, it’s time for electronic money institutions. electronic money institutions, collects the necessary resources for these electronic money, makes it possible to use electronic money in return for funds through the relevant banks and, in a way, control center functions.

What services can be provided with the ‘Electronic Money Institution operating permit’?

electronic money

In our country According to Law No. 5411 operating banks, PTT A.Ş. and persons or organizations other than electronic money institutions that are allowed to issue electronic money within the scope of this law are prohibited from issuing electronic money. If we go back to the WTC example again; We cannot issue WTC without legal permission.

Companies that have the Electronic Money Institution operating license can use prepaid cards, virtual POS, money transfer and bill payment, etc. can offer services. For example, a transport card in essence IstanbulCard You can also do grocery shopping. In this case, the balance on your card is used as virtual money.

The companies that will operate as Electronic Money Institution are as follows:

  • As 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.


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