PAPARA FUND REFUND PROCESS BEGINS – WHEN AND HOW WILL MONEY BE REPAID?

Following TCMB Decision, Papara Assures Users: Your Funds are Secure, Refunds Initiated Immediately

Following the revocation of its operating license by the Central Bank of the Republic of Turkey (TCMB) on October 31, 2025, Papara Elektronik Para A.Ş. has issued an official statement regarding the Papara Fund Refund process—the most pressing concern for millions of users.

Here is Papara’s statement and the clarified details concerning the repayments:

1. 📢 WHEN WILL REFUNDS BE MADE?

Papara announced that it has taken immediate action following the TCMB’s decision to revoke its license.

• Initiated Immediately: Papara stated: “In line with the decision, we are terminating our payment and electronic money services and are immediately initiating the necessary procedures for the secure refund of all user funds under the relevant legislation.”
• No Fixed Date: Although the statement does not provide a definitive timeline, it emphasizes that the process has begun immediately. The final date for completion will depend on the regulatory framework set by the TCMB.

2. ✅ ARE YOUR FUNDS SECURE?

Yes, all user funds held in Papara accounts are legally protected.

• Safeguard Accounts: The company confirmed that user electronic money balances are secured in safeguard accounts as required by current legislation.
• Separated from Assets: This means that these safeguard accounts are kept entirely separate from Papara’s own corporate assets as mandated by law. Therefore, the funds are not affected by Papara’s commercial or operational status.

3. 💳 HOW WILL PAPARA BALANCES BE REPAID?

The refund process is expected to follow a mandated procedure under regulatory oversight:

• Refund via IBAN: It is expected that the Turkish Lira balances in user accounts will be withdrawn from the safeguard accounts and repaid to the users’ registered bank accounts (IBANs) on file with Papara.
• Account Closure: Once the Papara Fund Refund process is complete, user accounts will be gradually closed.

❓ WILL PAPARA REOPEN?

The TCMB’s decision dated 30.10.2025 explicitly revoked Papara Elektronik Para A.Ş.’s license to issue electronic money and provide payment services.

• Operations Terminated: The company’s statement clearly indicates: “we are terminating our payment and electronic money services.” This implies that Papara has legally ceased its operations under this specific license and is not expected to resume these activities.