Key Features of Payment Institutions

Permitted Activities:

  • Services in relation to a payment account which enable cash to be deposited in or withdrawn from a payment account, or the execution of payment transactions by direct debits, through a payment card (or similar device) or a credit transfer
  • Issuing and/or acquiring payment instruments
  • Money remittance
  • Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator. However, the operator must act only as an intermediary for the payment services user.

A PI is also allowed to provide ancillary services and may operate payment systems and business activities other than the provision of payment services. The primary difference between a PI and credit institutions or electronic money institutions is that PIs are not allowed to receive deposits or other repayable funds from the public and must use funds solely to provide payment services.

 

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