European Union Payment Services Directive and Its Effects on the Turkish Payment Systems Legislation* Özgür Kocabaşoğlu With the initial regulation of the European Union called Payment Services Directive numbered 2007/64/EC (“PSD1”), which entered into force on 01.11.2009, an efficient, fast, secure and competitive payment market was intended, and the application of unified rules throughout this large market across Europe was ensured. FinTech companies, which are payment system providers within that scope, appeared in the finance scene as new actors, together with the banks. In line with the European Union legislation and practices, Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493 entered into force by publication in the Official Gazette dated 27.06.2013 and numbered 28690 (“Law No. 6493”) under Turkish law, which also provided opportunities for innovative ventures, such as the establishment of payment system providers and payment systems, parallel to the PSD1. Following the PSD1, Payment Services Directive of the European Union numbered 2015/2366 (“PSD2”) entered into force on 12.01.2016 to boost innovation, competition, and security with its broad and more comprehensive scope, and the compliance period for PSD2 was extended until 14.09.2019. PSD2, being revolutionary in the finance sector, amended the rules of the market, via introducing various innovations that were not limited to payment services, as well as activating practices covering many different types of services. PSD2 is targeted to support innovative applications by reducing the boundaries for third-party service providers in payment relationships; to encourage the usage and development of innovative online and mobile payment applications; to establish the rules and standards for the existing electronic payment applications; to determine the gov- * Article of April, 2021
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