Papara’s operating permit After being canceled by the Central Bank of the Republic of Turkey (CBRT), the refund of user balances has officially started. The company announced that the transactions will be carried out gradually under the coordination of the CBRT.
The decision regarding the cancellation of the operating permit was published in the Official Gazette dated 30 October 2025. Papara Elektronik Para A.Ş.’s authority to issue electronic money and provide payment services has been abolished within the framework of the relevant provisions of Law No. 6493. Then, with the statement dated November 6, 2025, the CBRT determined the procedures on how the extradition process would work. In this context, as of November 7, the amounts in users’ accounts began to be gradually refunded. Authorities reported that the process is progressing to include both individual and corporate users.
Papara, in his public statement, refund of balances And account closing procedures He stated that it continued safely in line with the CBRT’s instructions. The company stated that user funds are kept in safekeeping accounts with banks, so there will be no loss during the refund process. In addition, users are reminded that their IBAN information regarding their accounts must be up-to-date. Papara officials emphasized that the developments will be shared with the public within the framework of the “principle of transparency”.
Papara was brought to the agenda in the illegal betting investigation carried out by the Istanbul Chief Public Prosecutor’s Office in May 2025. Within the scope of the investigation, after it was determined that the company played a role in the transfer of illegal betting revenues, a court decision was made. Savings Deposit Insurance Fund (TMSF) was appointed as trustee. Following this development, the CBRT and Financial Crimes Investigation Board (MASAK) As a result of the audits carried out by the company, the company’s license was cancelled. All these steps show how effective the control mechanisms have become in the electronic money sector.
The refund process, carried out under the coordination of the CBRT, covers users
The implementation schedule of the refund process is progressing according to the plan determined by the CBRT. Authorities announced that the amounts in the users’ accounts will be transferred to the bank accounts registered in the Papara system. However, it was also reported that there may be some delays during the transfer of funds depending on the transaction density. Users will be able to follow the process from the “balance status” and “account activity” screens in the Papara application. CBRT will also inform the public after the process is completed.
In the statements made on Papara’s official website and social media accounts, it was stated that users can get information through the support line. In addition, questions regarding refund transactions were directed to the CBRT’s information page on electronic money institutions. CBRT officials stated that great importance is attached to the protection of user rights in the payment services sector and reminded that funds are always safe in such cases.
Finance and technology circles said Papara’s license cancellation decision had a negative impact on the industry. An important regulatory step evaluates that it is. It is stated that in a period when digital payment systems are becoming widespread, such decisions of the CBRT regarding licensing and auditing processes are aimed at preserving both user confidence and market stability. Despite everything, it was announced that Papara’s existing users can access their funds and the transactions are carried out completely within the legal framework.
A clear date was not shared on how long Papara’s return process will take. However, CBRT sources stated that the transactions are aimed to be “completed in a short time”. In this process, it is important for users to check their current contact and account information to prevent possible disruptions. According to the institution’s statements, when all transactions are completed, users’ accounts will be closed and the balance transfer process will end.
This development experienced by Papara shows that the control structure of electronic money institutions in Türkiye is becoming increasingly comprehensive. This means stricter supervision of similar processes for other digital finance platforms. Regardless, this practice, carried out to protect user funds following the decision taken by the CBRT, constitutes a concrete example of the functioning of the current system.