Regulated Turkish-Lithuanian payment processor

Key Data

  • Trading Name: Papel
  • Legal Entity: TBF FINANCE, UAB, Papel Elektronik Para ve Ödeme Hizmetleri A.Ş.
  • Activities:  high-risk payment processor
  • Location: Lithuania, Turkey
  • Regulations: Payment Institution regulated by Bank of Lithuania and application at Central Bank of Turkey
  • Key People: Erdogan Akgü, Mehmet Ali Koksa

Papel is a regulated Turkish e-Money institution, which is also authorized as a payment institution in Lithuania.

The Offering

Papel offers wallets and associated Papel debit cards, including virtual cards (powered by Visa) through its Lithuanian entity. POS solutions are also offered in Turkey.

The website does not provide pricing information.


Papel is a regulated e-Money institution. The website provides full details of the operators. Beyond that, we have not found any significant complaints. Therefore, we include Papel in our “Green Compliance” list.


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Legal Entities

Papel Elektronik Para ve Ödeme Hizmetleri A.Ş.

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