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">PSD2</a>). 

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

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

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

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: 

(a) execution of direct debits, including one-off direct debits; 

(b) execution of payment transactions through a payment card or a similar device; 

(c) execution of credit transfers, including standing orders. 

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

(a) execution of direct debits, including one-off direct debits; 

(b) execution of payment transactions through a payment card or a similar device; 

(c) execution of credit transfers, including standing orders. 

5. Issuing of payment instruments and/or acquiring of payment transactions. 

6. Money remittance. 

7. Payment initiation services. 

8. Account information services.