PayPal has decided to no longer offer their services in Turkey because the company could not get the necessary license from the local authorities. If even payment giants like PayPal are facing regulatory scrutiny, perhaps it is time for a change.
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The news about PayPal no longer being available in Turkey took a lot of people by surprise. In fact, no one saw this decision coming, leaving a lot of business and enterprises wondering which online payment method they should use next. After all, PayPal is one of the most commonly accepted global payment methods in the world.
Licensing Issues Force The Hand of PayPal
PayPal is a US-based company which is trying to set up local “chapters’ in every country where they serve customers. In Turkey, that has always been an uphill battle, as the company has repeatedly filed for the proper licensing. Turkish authority officials have stubbornly refused to grant this operation license to the enterprise, although they never gave a specific reason as to why not.
Similar to most other countries in the world, Turkey has an authority in charge of licensing and regulating banking and payments systems. The BDDK keeps tabs on both electronic and traditional platforms. Despite PayPal being available in Turkey for quite some time, these institutions have never seen eye-to-eye.
As a result of this decision, Turkish users will no longer be able to send or receive funds as of June 6, 2016. All of the account balances will need to be transferred to a linked bank account before that date. While this situation is very inconvenient for all parties involved, PayPal Turkey will continue their quest to get the license.
For those consumers and enterprises looking for a viable replacement, look no further than Bitcoin. This cryptocurrency is globally accepted, and can be converted to and from nearly every currency in the world. With far lower fees, and no central authority being able to shut down Bitcoin, it is by far the most superior solution for sending and receiving payments today.
What are your thoughts on this service no longer being available in Turkey? Will people flock to Bitcoin now? Let us know in the comments below!
Source: PP TR
Images courtesy of PayPal, Shutterstock