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Turkey has become PayPal-less

Categories : Cash is universal
June 2, 2016
Published in : Asia, Cash substitution, Electronic, Legal tender, Regulation, Regulators
PayPal transactions will no longer be fulfilled in Turkey and customers should withdraw funds from their accounts.
Guillaume Lepecq

On 1 April 2016, Turkey launched Troy, its domestic card payment scheme and boldly announced plans to become cashless by 2023. Dr Soner Canko, General Manager of the Interbank Card Centre (BKM) said: “We aspire to create  a cashless society by 2023.”

Meanwhile, PayPal has announced on its website that as of June 6, transactions will no longer be fulfilled and customers should withdraw funds from their accounts. The shut-down follows the rejection of PayPal’s payment licence application, because legislation passed in 2014 requires that consumer data systems must be hosted in the country.

Further information available here.

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