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What is a Payment Service Provider (PSP)?

Whether a business qualifies as a Payment Services Provider is defined under Annex 1 of the Second Payment Services Directive (<a href="/glossarycollection/the-second-payment-services-directive" style="color:#48277C;" target="_blank" title="The Second Payment Services Directive"><u>PSD2</u></a>).<br/><br/>

This regulation confirms that if your business does one of the following, you are providing payment services:<br/><br/>

1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.<br/><br/>

2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.<br/><br/>

3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:<br/><br/>

(a) execution of direct debits, including one-off direct debits;<br/><br/>

(b) execution of payment transactions through a payment card or a similar device;<br/><br/>

(c) execution of credit transfers, including standing orders.<br/><br/>

4. Execution of payment transactions where the funds are covered by a credit line for a payment service user:<br/><br/>

(a) execution of direct debits, including one-off direct debits;<br/><br/>

(b) execution of payment transactions through a payment card or a similar device;<br/><br/>

(c) execution of credit transfers, including standing orders.<br/><br/>

5. Issuing of payment instruments and/or acquiring of payment transactions.<br/><br/>

6. Money remittance.<br/><br/>

7. Payment initiation services.<br/><br/>

8. Account information services.<br/><br/>

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