PayPal has been forced to shut down its services in Turkey because the company could not get the necessary license from the local authorities.
The news about PayPal no longer being available in Turkey took a lot of people by surprise.
PayPal forced to shut down service In Turkey
PayPal is a US-based company which is trying to set up local “chapters’ in every country where they serve customers. In Turkey, that has always been an uphill battle, as the company has repeatedly filed for the proper licensing. PayPal says that the license was denied because of a new rule in Turkey that requires IT systems to be based in the country.
Similar to most other countries in the world, Turkey has an authority in charge of licensing and regulating banking and payments systems. The BDDK keeps tabs on both electronic and traditional platforms. Despite PayPal being available in Turkey for quite some time, these institutions have never seen eye-to-eye.
As a result of this decision, Turkish users will no longer be able to send or receive funds as of June 6, 2016. All of the account balances will need to be transferred to a linked bank account before that date. While this situation is very inconvenient for all parties involved, PayPal Turkey will continue their quest to get the license.
The post PayPal forced to shut down service In Turkey appeared first on Payments Cards & Mobile.
