Regulated Turkish-Lithuanian payment processor

Key Data

  • Trading Name: Papel
  • Legal Entity: Papel (CY) Marketing Services Ltd
    Papel Elektronik Para ve Ödeme Hizmetleri A.Ş.
    Papel Exchange OÜ
    Papel (UK) Technology Ltd
  • 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.

The Monitox Connection

We have discovered Ferit Samuray as a director in the high-risk payment processor Monitox Ltd, an e-Money Institution regulated with reference number 901012 by the FCA. Monitox is controlled by Estonian Maksim Asanov. A Whistleblower informed us that Monitox is still connected to the “new” Papel Group. We can neither confirm nor deny this


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.


Rate and write a review

Your email address will not be published. Required fields are marked *

Svg Vector Icons :