PayPal halts operations in Turkey

Global online payment platform PayPal has just announced on its local website that it stopped operations in Turkey because it could not get necessary licence from local authorities.

BDDK, the Turkish authority in charge of regulating and licensing banking and payment systems across all electronic or conventional platforms, has repeatedly refused to grant operation licence to the US-based company despite all the efforts, PayPal Turkey explained in the statement.

PayPal Turkey said users registered in Turkey will not be able to send or receive money through the platform by 6th of June and asked them to transfer the balances in their accounts to Turkish banks. The company added that their local team will not stop working on the licensing issue.

Webrazzi

If you have Turkish customers, you must add a new payment method/s to your systems....

6 days left... when did they announce that? If it was recently, it's pretty short for those that are not online every day...

MonsterMag said:

6 days left... when did they announce that? If it was recently, it's pretty short for those that are not online every day...

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They announce this at 30 May.

Damn.

So people will just have to turn towards alternative methods of online payment?

PayPal molests you with fees, but they are tax deductible and incredibly convenient (as a service).

Sucks for Turkey residents..

its probably (guessing) due to the fact that paypal refuse to sign the EFT code of conduct which all banks have to sign. By signing it, they are no longer able to hold/limit/steal peoples money like they routinely do.

They try to act like they are a bank and safe as a bank, but they just want to hold peoples money as long as possible to make interest among other things. its part of their business model for profit and unfortunate as the whole concept of paypal is a good one, especially for international transactions.

pretty shitty to only give a week for people to get their money out too, its not like they wouldn't have known there may be an issue

MickMcG said:

its probably (guessing) due to the fact that paypal refuse to sign the EFT code of conduct which all banks have to sign. By signing it, they are no longer able to hold/limit/steal peoples money like they routinely do.

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If paypal had to play by bank rules, it would be worse, not better. No more stealth accounts, for one, because it will become a crime to open paypal accounts under false pretenses.

Fraud and Identify theft is only illegal if it involves banking and not financial service?

Paypal doesn't operate in a lot of countries. Something to think about when choosing a processor.

A sad day for the IMers of Turkey..

topcoder said:

Paypal doesn't operate in a lot of countries. Something to think about when choosing a processor.

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It's still the most widely used payment processor, you can't have the luxury not to offer it as a payment solution either directly or through 2co for instance or else you're missing out on sales. Paypal operates in 190+ countries, which includes pretty much all of the well developed countries, that's where the money is at, that's where the buyers at. From a marketing point of view, it doesn't make too big of a difference, that you can't accept payments from a handful of countries mostly from Africa, Asia and from some microstates unless you specifically target those countries, but in that case, you can just use a different payment processor.