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The development of digital technologies has brought significant changes to consumer behavior. The main reason for this is the convenience that digital technologies provide to consumers. As a matter of fact, when we look at the e-commerce sector, the number of online orders has increased, and the volume of e-commerce has increased both locally and globally. The same applies to our financial transactions and it has become more preferable for consumers to carry out our financial transactions in digital environment rather than using physical channels such as branch/agent. Of course, in our habits, the impact of the COVID-19 pandemic that emerged at the end of 2019 should not be ignored. With the pandemic, we have always experienced that most work - as long as a favorable digital infrastructure is available - can also be done online or remotely.
In today's business world, where digitalization is gaining importance and those who cannot keep up with digitalization are left out of the game, payment services and electronic money companies are also among the sectors that are trying to keep up with this change. Payment services and electronic money companies launch their own mobile applications to enable their customers to carry out transactions on mobile without having to go to physical points for money transfers. With this service, they aim for high customer satisfaction by ensuring that transfer transactions are faster and less costly.
After briefly explaining the service that electronic money companies offer to their customers, the question of what is the electronic money that forms the cornerstone of this service comes to mind. Although we use electronic money a lot in our daily lives, different definitions exist in the literature, as a different innovation is emerging about electronic money every day. It is useful to look at the definitions of electronic money created by the Central Bank of the Republic of Turkey and the European Union.
Electronic money in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Organizations, TCMB; as monetary value issued in exchange for funds accepted by the issuing organization, stored electronically, used to carry out payment transactions defined in this Law, and considered as a means of payment by natural and legal persons other than the organization issuing electronic money Defines.
The EU has defined electronic money as a monetary value created for the electronic transfer of restricted payments, which is stored in electronic devices such as chip cards or computer memory, which is considered as a means of payment by other persons other than the issuing entity and serving electronically for the purpose of coin or paper money.
Based on these definitions, it would not be wrong to define electronic money as money stored electronically, which can be converted into physical money if desired, and can be used not only within the institution issuing electronic money, but also in other media.
UPTION, the mobile application of UPT Payment Services and Elektronik Paraa.Ş., has entered our life since 2021. Thanks to this application, which brings the money transfer service to the mobile environment and provides 24/7 money transfer services to 176 countries, we carry out our transactions without having to go to any physical channel such as a branch or agent, paying less than physical points. In this environment where the rate of use of cash is gradually decreasing, such innovations in electronic money companies are promising. It is expected that such innovations will improve payment systems. As UPT, we will be closely following developments regarding electronic money.
