Paypal to quit Turkey after licence application is rejected

Turkey’s determination to localise its fintech infrastructure has  prompted  Paypal to announce that it is halting operations in the country. In a statement released this week, the international payment system said that the decision by Turkey’s Banking Regulation and Supervision Agency (BDDK) to reject its licence application had left it no alternative but to withdraw from the country.
“We regretfully inform that we have stopped our operations in Turkey. Our customers in Turkey will not be able to transfer or receive money through their PayPal accounts as of June 6. Our customers can sign in their PayPal accounts and transfer their account balances, if any, in their accounts to their bank accounts in Turkey. We would like to note that PayPal’s priority has always been its customers. We are sorry for this decision that we had to make in accordance with the local regulatory authority’s rejection of our license application and the relevant body’s order to stop our operations in Turkey.”  
Last month, Turkey introduced its own TROY  card payment system, and has set its sights on becoming a cashless society by 2023. While  there are 171 million bankcards currently in use Turkey –  112 million of them are credit cards – they only constitute 40% of all transactions with cash remaining the preferred payment method.

Source: dailysabah