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17 March 2022 Supervision

The revised Payment Services Directive (2015/2366/EU) (PSD2), lists eight types of payment services that require a licence. These payment services may be provided as a single service or in any combination. Below we briefly describe the different types of 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.

These services enable users to pay cash (coins and banknotes) into a payment account held with the party offering the service. 

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

These services enable users to withdraw or transfer money from a payment account held with the party offering the service. 

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:

  • execution of direct debits, including one-off direct debits;
  • execution of payment transactions by means of a debit card or a similar instrument; and
  • execution of credit transfers, including standing orders.

    These services enable users to execute payment transactions on the user's payment accounts as meant in the description of services 1 and 2 or on the user's payment account held with another payment service provider.
    This also includes services offering the possibility to withdraw or deposit cash using a cash dispenser or cash deposit machine, with the equivalent amount debited from or credited to a payment account.

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

  • execution of direct debits, including one-off direct debits;
  • execution of payment transactions by means of a debit card or a similar instrument; and
  • execution of credit transfers, including standing orders.
    A credit line may include a situation in which the payment service provider advances the amount due.

5. Issuing and/or acquiring of payment instruments.

A payment instrument is a means or method to initiate a payment order, including a physical object, such as a credit card.

Acquiring a payment instrument means the enterprise guarantees the settlement of transactions by means of an agreement concluded with the beneficiary, e.g. an online retailer. The acquiring entity handles payments to the beneficiary based on the payment orders received.
Enterprises providing services to retailers, including online retailers, for the acceptance of payment instruments provide type 5 services. 

6. Money remittance

Money remittance services are involved if a payment institution receives funds from a payer for the sole purpose of transferring a corresponding amount either directly to a payee or to another payment service provider that pays the funds to the ultimate beneficiary. No payment account is created in the name of the payer.

In practice, money remittances are made mainly to transfer funds to beneficiaries abroad, in particular in countries with a less sophisticated banking system and a less widespread use of bank accounts. They are also sometimes used to effectuate unexpected urgent payments. 

7. Payment initiation services

At a payment service user's request, a payment service provider initiates a payment order from an online payment account held with another payment service provider. For example initiating an online purchase at a webshop on behalf of a consumer.

8. Account information services

A payment services provider provides consolidated information on one or more payment accounts held by the payment service user by one or more payment service providers.

The Annex to the PSD2 lists the activities that qualify as payment services. The Wft refers to this Annex.