PayPal stops operations in Turkey


Turkey has seen significant growth in online payments in recent years. In 2012, an estimated £10.4 billion worth of goods were sold online, compared with £7.8 billion in 2011.

The well-known online payment company, PayPal, said that the Turkish authority in charge of licensing banking and payment systems BDDK refused to grant operation license to the US-based company

PayPal, the well-known online payment company based on California, US announced that it will stop operations in Turkey on June 6 because the relevant Turkish authority didn’t approve the appropriate licenses allowing the company to continue its operation in the large market.

The company, which has its headquarters for Europe in Luxembourg, said that it was forced to stop its operation because their licence application was rejected repeatedly by the local regulatory authority and now the US co...

This story is part of New Europe's Premium content.

To Read the Full Story, Subscribe or Sign In from the ↑ Top of the Page ↑
new europe join now