Papara has initiated the refund process for user balances.

07.11.2025 20:51

Papara, whose operating license was revoked by the Central Bank of the Republic of Turkey (CBRT), has gradually initiated the process of refunding user balances.

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According to the decision published in the Official Gazette, the Central Bank of the Republic of Turkey, with the decision of the Banking Regulation and Supervision Agency, decided to revoke the operating license of Papara Electronic Money Inc. in accordance with Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions.

"BALANCES ARE SECURED"

Following the decision, Papara made a statement via social media. The statement included the following expressions; "As Papara, we are evaluating the said decision within the framework of the relevant legislation, and we are taking all necessary steps meticulously to protect the rights of our users and ensure the continuity of services. Electronic money balances are secured in protection accounts as required by the current legislation. This regulation does not cover our other group companies; Papara Securities Inc. and Papara Insurance Brokerage Services Inc. continue to provide their services. Developments regarding the process will continue to be shared transparently through our official communication channels."

PAPARA HAS INITIATED THE REFUND PROCESS FOR BALANCES

Following the developments, Papara announced today via its X account that it has gradually initiated the refund process for user balances.

"THE PROCESS HAS BEEN INITIATED GRADUALLY"

The statement from Papara included the following expressions; "As is known, with the decision of the Central Bank of the Republic of Turkey (CBRT) dated 30.10.2025 and numbered 11929/21528, the operating license of Papara Electronic Money Inc. for payment services and electronic money issuance has been revoked.

Following this decision, the refund process for the workplace and user balances held by our Organization has been gradually initiated as of today, within the framework of the opinions and statements received from the CBRT dated 06.11.2025 regarding the determination of the procedures and principles for refunds.

"REFUNDS ARE BEING CARRIED OUT SAFELY AND QUICKLY"

Within the relevant legislation, the refund and account closure processes are being carried out safely and quickly under the coordination and guidance of the CBRT. We thank you for your understanding and support during this process and inform the public that developments will be shared regularly in accordance with the principle of transparency. Best regards."