NXT Elektronik Para ve Ödeme Hizmetleri AŞ’s operating licence was published in Turkey’s Official Gazette on October 3. Its scope includes payment accounts, transfers, payment instruments, remittances and bill payments.
Turkey’s central bank has granted NXT Elektronik Para ve Ödeme Hizmetleri AŞ an operating licence as an electronic money institution. Published on October 3, the decision authorises the company to issue e-money and provide five categories of payment services, ranging from operating payment accounts to handling bill payments.
Decision 12097/21696 in the Official Gazette is dated September 29. It covers points (a), (b), (c), (ç) and (e) of Article 12(1) of Turkish Law No. 6493, alongside electronic money issuance under Article 18(2).
What the five permissions cover
The licence does not automatically extend to every payment activity. Read against the service definitions in Law No. 6493, the authorised areas are:
| Legal provision | Permitted service |
|---|---|
| 12(1)(a) | Operating payment accounts, including placing and withdrawing funds |
| 12(1)(b) | Moving account funds through payments and transfers, including card payments and standing orders |
| 12(1)(c) | Issuing or acquiring payment instruments |
| 12(1)(ç) | Money remittance |
| 12(1)(e) | Intermediating bill payments |
Initiating a payment from an account held with another provider and supplying account information are regulated under separate provisions. Neither permission is listed in NXT’s decision. The authorisation should therefore not be read as blanket approval for every form of open banking service.
An e-money licence is not a banking licence
Under the law, electronic money is monetary value issued against funds received, stored electronically and accepted for payment by people or businesses other than the issuer. Expressing an e-money balance in a fiat currency such as the Turkish lira does not give it the same legal status as a bank deposit.
The licence does not confer deposit-taking or lending powers. Article 20 says funds received in exchange for e-money are not deposits or participation funds. Electronic money institutions cannot lend, or pay interest or other benefits based on how long a customer holds the balance.
The central bank’s overview of payment services states that it has been responsible for regulating and supervising payment services and electronic money issuance since January 1, 2020. NXT’s approval is a development in financial regulation under that regime; it does not constitute a banking licence.
Onspay’s website still carries an application notice
The Onspay website, which identifies NXT as the company behind it, promotes digital wallet, transfer, card and merchant payment features. When we checked at 13:12 Turkey time on October 3, its opening notice still said the operating licence process was ongoing. The Official Gazette confirms approval, while the website notice had yet to reflect it.
The licence document is not a launch announcement confirming that every advertised feature is available to customers. Product availability, launch dates and applicable fees still need to be established through the company’s current product terms.
