What Awaits the Payment Services Industry?
“What awaits the Payment Industry?” webinar organized by Erdem & Erdem Law Office was held on Wednesday, October 26.
Erdem & Erdem Partner and Competition and Compliance Leader Mert Karamustafaoğlu, moderated the webinar in which Ulaş Erdur, Deputy General Manager of Garanti BBVA Payment Systems, and Ussal Şahbaz, Writer of Dünya Newspaper, participated as speakers. The event focused on digital transformation, which has changed the conventional dynamics of financial markets by initiating a radical transformation process in the financial sector as much as it affects every sector. The speakers mentioned that the payment services sector, which undertakes the function of transferring funds, was also affected by this change in the financial sector. It was stated that payment services play an important role in promoting economic activity, economic growth, stabilization of the financial system, smooth trade and efficient functioning of goods and services markets. The fact that the active players in this field are established banks, entrepreneurial companies and large technology companies raises some concerns in terms of competition law, and this dynamism makes it difficult to read the payment services market with classical competition law concepts and necessitates new searches.
In this context, it was mentioned that the Competition Authority published its Investigation Report on Financial Technologies in Payment Services in December 2021. In the webinar, it was discussed what kind of competitive concerns may arise considering the characteristics of the payment services market and the regulatory innovation conflicts regarding this market. Payment institutions and electronic money institutions, which are active players in the payment services market, showed great interest in the webinar.
You can watch the recording of the webinar here. (in Turkish)
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