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PayPal leaving Turkish market

Business Materials 31 May 2016 20:38
The PayPal largest debit online payment system will be leaving the Turkish market, the Turkish Hurriyet newspaper wrote May 31.
PayPal leaving Turkish market

Baku, Azerbaijan, May 31

By Rufiz Hafizoglu - Trend:

The PayPal largest debit online payment system will be leaving the Turkish market, the Turkish Hurriyet newspaper wrote May 31.

PayPal will leave the market because the Turkish Banking Regulation and Supervision Agency (BDDK) refused to renew its license, the newspaper wrote.

According to the newspaper, any payment through PayPal in Turkey will be terminated from June 6.

PayPal will completely transfer the funds of its clients in Turkey to their bank accounts before the license expires on the country's market, the newspaper wrote.

According to the newspaper, at the same time, PayPal hopes to resume its activity on the Turkish market, and therefore, it intends to apply to the BDDK for a new license.
The number of PayPal users exceeds two million in Turkey.

PayPal has been operating on the Turkish market since 2011.

Confinity and X.com merged in March 2000 and became PayPal. The company started to serve electronic auctions in the first months of its activity. Thus, more than one million eBay auctions offered payment through PayPal as of April 2000.

PayPal was acquired by eBay corporation in October 2002. More than 50 percent of eBay auction transactions have been carried out through PayPal since that moment.

As of early 2012, PayPal operates in 190 countries. As of September 2011, 24 kinds of the world currencies were used in PayPal. eBay and PayPal became different companies in early 2015.

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