A gift card that works only in your stores, a points balance in your app, a meal card accepted at “participating restaurants”: each can sit outside Türkiye’s payment licensing regime, or be unlicensed e-money, an offence carrying one to three years’ imprisonment under Law No. 6493. The line is drawn by Arts. 12(2)(h) and 18(5) of that Law and by the TCMB Regulation of 1 December 2021, which excludes open-ended merchant networks and requires a January report once excluded volumes pass TRY 50 million in twelve months. Position as of November 2026.
Two exclusions, two different questions
Turkish law asks two questions. First, is there a payment service? Law No. 6493 Art. 12(2)(h) excludes transactions with instruments usable to buy goods or services only at the issuer’s premises, within a limited network of service providers, or for a limited range of goods or services, under a commercial agreement with the issuer. Second, is there e-money? Under Art. 3(1)(ç), electronic money is monetary value issued against funds, stored electronically, used for payment transactions and accepted by persons other than the issuer. Art. 18(5) carves out prepaid instruments usable only in the issuer’s own store network, only for a specific group of goods or services, or only in a specific service network under an agreement.
Both exclusions share a proviso: TCMB may bring the activity into the Law once its total size and reach hit a level TCMB sets (Art. 12(5); Art. 18(5), second sentence). Outside them, only banks, PTT and licensed e-money institutions may issue e-money (Art. 18(1)).
Where TCMB draws the line: open-ended networks and card rails
The TCMB Regulation on Payment Services and Electronic Money Issuance (RG 1.12.2021, No. 31676) makes “limited network” concrete in three places:
- Art. 4(14): instruments designed to be valid at every merchant added to the acceptance list under the issuer’s contract are not a limited network under Art. 12(2)(h).
- Art. 5(7): under the “specific service network” limb of Art. 18(5), a prepaid instrument must be usable only at a particular store or store network. Instruments valid at every merchant added under the contract, or compatible with card system organisations under Law No. 5464, are not excluded.
- Art. 4/A(4), (7): a digital wallet used to pay merchants, with funds moving through the provider, needs e-money authorisation, subject to the Art. 12(2) and 18(5) exclusions.
The test is not how many merchants accept the card today but whether the design lets the network grow. A card on scheme rails, or a programme any new merchant can join by contract, will struggle to stay outside the Law.
The TRY 50 million report and TCMB’s power to pull you in
Under Art. 82 of the Regulation, a provider carrying out Art. 12(2)(h) activities (or Art. 12(2)(b) commercial-agent activities) whose transactions in that scope exceeded TRY 50 million in the last twelve months must send TCMB a report every January. It describes the service, workflows, volumes, merchant network and the exclusion conditions relied on. If TCMB finds the activity could affect the smooth development of, and confidence in, payments, it may treat it as a payment service (Art. 82(2)).
TCMB’s January 2023 guide to the report adds that the TRY 50 million test applies to the (b) and (h) limbs separately, that reports are due by the end of the last business day of January, and that amounts collected with an Art. 18(5) prepaid instrument and passed on to a third party in the store network (for example a franchisee) should be reported, although Art. 82 does not mention Art. 18(5). We have not found a published TCMB decision fixing a separate level under Art. 12(5) or 18(5), so the January report is where a reclassification would start.
Gift cards, meal cards, points and wallets: a decision table
A starting point, not a substitute for reviewing the contracts and fund flows:
| Product | Can stay outside Law No. 6493 when | Moves towards licensing when |
|---|---|---|
| Single-brand gift card | Usable only in the issuer’s own store network (Art. 18(5); Reg. Art. 5(7)) | Other merchants accept it, or it runs on card scheme rails |
| Mall or multi-brand gift card | A fixed set of stores under direct agreements with the issuer (Art. 12(2)(h)); the e-money limb is read narrowly (Reg. Art. 5(7)) | Designed to be valid at every merchant later added under contract (Reg. Arts. 4(14), 5(7)) |
| Meal card | Restricted to a defined, closed set of merchants or to a specific group of goods (Arts. 12(2)(h), 18(5)) | Merchant list grows by contract, or card-scheme compatible (Reg. Art. 5(7)) |
| Loyalty points earned for purchases | Granted as a reward, not bought, redeemable only with the issuer | Sold for money and accepted by unrelated merchants (Art. 3(1)(ç)), or cashed out |
| Closed-loop app wallet | Balance spendable only on the issuer’s own goods or services | Used at third-party merchants with funds moving through the provider (Reg. Art. 4/A(4)) |
| In-app coins bought 1:1 for lira | Spendable only on the issuer’s own content | Accepted by others and meeting the e-money elements (Reg. Art. 5(9)) |
On meal cards: unlike PSD2, Turkish law has no separate exclusion for instruments with a specific social or tax purpose, so a meal card must fit Art. 12(2)(h) or 18(5) on its own terms.
If it is e-money: what changes
An e-money issuer other than a bank or PTT needs TCMB permission (Art. 18(2)): among other conditions, a joint-stock company with paid-in capital of at least TRY 5 million (Art. 18(3)), plus the capital, safeguarding and governance regime summarised on our payment and e-money licence page. Operating without permission carries one to three years’ imprisonment and a judicial fine of up to 5,000 days for individuals and company officers (Art. 28(1)).
Product rules change too. E-money is issued for the amount of funds received (Art. 20(1)). No interest, and no benefit linked to how long or how much e-money the customer holds (Law Art. 20(5); Reg. Art. 5(4); compare EMD2 Art. 12), ruling out “hold your balance and earn” features. The customer may ask for all or part of the e-money to be redeemed, and the issuer must pay without delay and at the latest by the end of the next business day (Reg. Art. 6(1)-(2)). Any agreed expiry date must be at least one year away, and cost-based redemption fees are allowed only in the cases in Art. 6(4) (Art. 6(3)-(4)). Anonymous prepaid instruments may be used only in person at the merchant, at online merchants and intermediaries holding the Trust Stamp (Güven Damgası), and for bill payments (Reg. Art. 7(1)).
Consumer and data rules that apply either way
- Gift card expiry: we found no Turkish statute or Ministry of Trade regulation setting a minimum validity for closed-loop gift cards. Standard terms are subject to Law No. 6502 Art. 5: unnegotiated terms that unbalance the contract against the consumer contrary to good faith are void.
- Advertising loyalty benefits: since 1 August 2026, the Commercial Advertising and Unfair Commercial Practices Regulation (Art. 14(6), as amended in RG 1.7.2026) applies its discount-sale advertising rules to loyalty programme advertising where the programme is easily accessible or usable by consumers.
- Loyalty data: under KVKK (Law No. 6698), running the points contract can rely on Art. 5(2)(c); other uses need another basis or explicit consent (Art. 5(1)), and members must be informed at collection (Art. 10). Marketing messages need prior consent under Law No. 6563 Art. 6(1).
The EU comparison: same idea, stricter process
The Turkish rules mirror PSD2 Art. 3(k) and EMD2 Art. 1(4), but procedures differ, which matters for Turkish brands serving EU customers (our PSD3 and PSR article covers the wider reform):
| Issue | Türkiye | EU today | EU under PSR/PSD3 (agreed text) |
|---|---|---|---|
| Exclusion | Law No. 6493 Arts. 12(2)(h), 18(5) | PSD2 Art. 3(k)(i)-(iii); EMD2 Art. 1(4) | PSR Art. 2(2)(j), expressly including e-money-based instruments |
| Social or tax-purpose vouchers | No separate limb | Art. 3(k)(iii), single Member State | Kept, and must not be convertible into cash |
| Notification | Annual report every January above TRY 50 million in 12 months; also covers commercial agents | Mandatory above EUR 1 million over the preceding 12 months (Art. 37(2)) | Member States may require it above EUR 1 million; authorities may request it (PSD3 Art. 39(1)) |
| Growing networks | Not a limited network if valid at every merchant added by contract (Reg. Arts. 4(14), 5(7)) | EBA/GL/2022/02 (since 1 June 2022), Guidelines 2.1, 2.7: direct contracts, capped merchant numbers, common brand | Recital 13: listed-merchant instruments not excluded; a “single limited network” (Art. 2(2)(j)(i)); EBA standards to follow (Art. 2(8)) |
EBA points useful for Turkish designs too: redeemability is irrelevant (Guideline 1.9); one instrument cannot serve several limited networks (2.5); a “very limited range” needs a functional connection between the goods or services (4.1). Issuers notify in each Member State where the EUR 1 million threshold is exceeded, combining all their excluded instruments there (6.1, 6.8). The PSR and PSD3 were provisionally agreed on 27 November 2025 and confirmed by Coreper on 22 April 2026; formal adoption was still pending in October 2026.
Where to start
- Map each product: who funds it, who accepts it, how merchants join, whether it uses card scheme rails.
- If the merchant contract lets any new merchant join, the limited network argument is weak (Reg. Arts. 4(14), 5(7)).
- Add up excluded volumes for the last twelve months; above TRY 50 million, file the January report (Reg. Art. 82).
- Drop features that make points look like money: cash-out, transfers, sale of points, balance-linked rewards.
- Review gift card expiry terms (Law No. 6502 Art. 5), loyalty advertising (Art. 14(6)) and KVKK notices and consents.
- If the product cannot stay closed, decide between partnering with a licensed issuer and applying for your own licence (see our fintech law hub).
Is a gift card that works only in our own stores e-money?
Generally not: prepaid instruments usable only in the issuer’s own store network fall outside Law No. 6493 under Art. 18(5), unless designed for any merchant added later or card-scheme compatible (Reg. Art. 5(7)). TCMB can still bring large programmes into scope.
Do we have to notify TCMB about a closed-loop programme?
Yes, if transactions under the Art. 12(2)(h) exclusion exceeded TRY 50 million in the last twelve months. The report, with the details listed in Regulation Art. 82(1), is due by the end of the last business day of January.
Can loyalty points become e-money?
Points given free as a reward are not issued against funds, so they generally miss the e-money definition in Art. 3(1)(ç). The risk grows when points are sold, accepted by unrelated merchants, cashed out or transferred.
Sources. Law No. 6493 (RG 27.6.2013/28690, consolidated), Arts. 3(1)(ç), 12(2)(h), 12(5), 18, 20, 28; TCMB Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (RG 1.12.2021/31676, consolidated through RG 4.9.2026/33360), Arts. 3(1)(c), 4(14), 4/A, 5, 6, 7, 82; TCMB guide on notification duties under Art. 12(2)(b) and (h) (January 2023); Law No. 6502 (RG 28.11.2013/28835), Art. 5; Regulation amending the Commercial Advertising and Unfair Commercial Practices Regulation (RG 1.7.2026), Arts. 4, 15; Law No. 6698 (RG 7.4.2016/29677), Arts. 5, 10; Law No. 6563, Art. 6; Directive (EU) 2015/2366 (PSD2), Arts. 3(k), 37(2); Directive 2009/110/EC (EMD2), Arts. 1(4), 12; EBA Guidelines on the limited network exclusion (EBA/GL/2022/02); Council final compromise texts of 17 April 2026 for the PSR (Art. 2(2)(j), 2(8), recital 13) and PSD3 (Art. 39).
This article is general information and not legal advice; a specific situation should be assessed with counsel.
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