On 28 June 2020 issue of official gazette Turkey Payment and Electronic Money Association Statute is published and with that Turkey Payment and Electronic Money Association is formed. Pursuant to Article 7 of this statute, “All payment and electronic money institutions are obliged to become a member of the association within one month after obtaining an operating license. Organizations that do not fulfill this obligation by the association shall be notified to the Central Bank of the Republic of Turkey."
Article 6 of the Statute Turkey Payment and Electronic Money Institutions Union's duties and powers are regulated the most important regulations are as follows;
- To form an arbitral tribunal in line with the procedures and principles approved by the Bank, to ensure that the Disputes between members and their individual customers are evaluated and resolved, without prejudice to the provisions of the Law No. 6502 on Consumer Protection dated 7/11/2013 and other laws.
- To report the results of the transaction to the Bank by evaluating the complaints made about its members and to share them with the members.
- To follow the implementation of the decisions and measures taken by the Association, to impose the disciplinary penalties stipulated in this Statute about the members who do not comply with them in time.
On 28.06.2020 Statute of Turkey Payment and Electronic Money Institutions entered into force to establish an arbitration committee to evaluate the conflicts between individual customers and Association members. And to solve the conflicts with the principles and procedures approved by the Central Bank to ensure the resolution. This arbitral tribunal’s aim is to resolve disputes between individual customers and member organizations in an agreed manner. However, since the association, is a very new entity, the general assembly has not assembled, because of that there is not a board of directors. So, payment and electronic money institutions who need to apply for a membership should apply directly to the Central Bank.
Although the structure and management of the union is clearly and precisely determined by the status, how the system will work in practice is already a question mark, but we think that the existence of the union will facilitate the settlement of disputes between consumers and organizations and will serve as a bridge between individual customers and organizations.
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