Licence types
Payment service providers
Payment institutions and money services businesses: transfers, remittance, acquiring and payment initiation. They intermediate payments but cannot grant credit or loans. Compared across 51 regimes. Figures are the statutory minimums from each regulator; real capital needs are usually higher.
| Jurisdiction | Licence | Minimum capital | Timeline | Risk |
|---|---|---|---|---|
| Austria Europe (EU) | Payment institution licence (Konzession zur Erbringung von Zahlungsdiensten) FMA | EUR 125,000 | FMA decides within three months of receipt of the application or of all required information (ZaDiG 2018 s. 9(4)) | Standard |
| Belgium Europe (EU) | Licence as a payment institution NBB | EUR 125,000 | NBB decides within 3 months of confirming the file is complete and no later than 12 months after submission | Standard |
| Cyprus Europe (EU) | Authorisation as a payment institution CBC | EUR 125,000 | Three months from a complete application (PSD2 art. 12) | Standard |
| Estonia Europe (EU) | Operating licence of a payment institution Finantsinspektsioon | EUR 125,000 | Decision within 3 months of all documents and data, and not later than 6 months after the application | Standard |
| France Europe (EU) | Agrément as a payment institution (établissement de paiement) ACPR | EUR 125,000 | 3 months from a complete file (ACPR) | Standard |
| Germany Europe (EU) | Licence to provide payment services (Zahlungsinstitut) BaFin | EUR 125,000 | BaFin informs the applicant within 3 months of a complete application (ZAG § 10(3)) | Standard |
| Ireland Europe (EU) | Payment institution authorisation Central Bank of Ireland | EUR 125,000 | Service standard: assessment stage within 90 business days (clock stops while awaiting the applicant); PSD2 art. 12 sets 3 months from a complete application | Standard |
| Italy Europe (EU) | Payment institution authorisation Banca d'Italia | EUR 125,000 | PSD2 Art. 12: decision within 3 months of a complete application | Standard |
| Lithuania Europe (EU) | Payment institution licence Board of the Bank of Lithuania | EUR 125,000 | 3 months from a complete application; 2 months for the restricted-activities licence (extended by 2 months on submission of additional information) | Standard |
| Luxembourg Europe (EU) | Payment institution (PI) authorisation CSSF | EUR 125,000 | Decision within 3 months of a complete application and in any case within 12 months, otherwise deemed refused (art. 7) | Standard |
| Malta Europe (EU) | Financial institution licence to provide payment services (payment institution) MFSA | EUR 125,000 | MFSA must determine within three months of receipt of a formal complete application (FIR/01 paras 43 to 44; PSD2 art. 12) | Standard |
| Netherlands Europe (EU) | Payment institution licence DNB | EUR 125,000 | PSD2 Art. 12: decision within 3 months of a complete application | Standard |
| Poland Europe (EU) | Authorisation as a domestic payment institution (krajowa instytucja płatnicza, KIP); registration as a small payment institution (mała instytucja płatnicza, MIP) KNF | EUR 125,000 | KNF decides within 3 months of receiving a complete application (art. 62(2)) | Standard |
| Portugal Europe (EU) | Payment institution authorisation Banco de Portugal | EUR 125,000 | PSD2 Art. 12: decision within 3 months of a complete application | Standard |
| Spain Europe (EU) | Payment institution authorisation (entidad de pago) Banco de España | EUR 125,000 | Decision within 3 months of receipt or of completion of the file; silence means refusal (RDL 19/2018 art. 11(2)) | Standard |
| Gibraltar Europe (non-EU) | Payment institution (Part 7 permission) GFSC | EUR 125,000 | Not published | Standard |
| Isle of Man Europe (non-EU) | Class 8(2) money transmission services licence (payment services) IOMFSA | Not published | IOMFSA service standard of 6 months from a complete application; longer if incomplete or issues arise | Standard |
| Jersey Europe (non-EU) | Registration to carry on money service business JFSC | Not published | Not published | Standard |
| Liechtenstein Europe (non-EU) | Payment institution licence (Bewilligung als Zahlungsinstitut) FMA Liechtenstein | CHF 125,000 | Decision within three months of receipt of the application or of the complete information; rejection if incomplete after twelve months | Standard |
| United Kingdom Europe (non-EU) | Authorised payment institution FCA | EUR 125,000 | FCA must determine a complete application within 3 months and any application within 12 months of receipt (PSRs 2017 reg. 9) | Standard |
| Bahrain Middle East | Ancillary service provider licence: payment service provider, card processing, AISP and PISP Central Bank of Bahrain | BHD 250,000 | Not published | Standard |
| Qatar (QFC) Middle East | QCB payment service provider licence, Category II (other payment services, no customer money held) Qatar Central Bank | QAR 2,000,000 | Governor decides within 60 days after all licensing conditions are fulfilled | Standard |
| United Arab Emirates (onshore) Middle East | Retail Payment Services licence (Category I, II, III or IV) Central Bank of the UAE | AED 100,000 | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Providing Money Services (payment services, stored value, money remittance, currency exchange) FSRA | Category 3C: capital requirement is the higher of the PRU 3.3 Base Capital Requirement and an activity-based measure: expenditure-based minimum for currency exchange, EBCM plus Variable Capital Requirement for remitters, VCR under PRU 3.6A.4 for payment services or 3.6A.6 for stored value providers | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Providing Money Services (payment accounts, payment transactions, payment instruments: Category 3D; Money Transmission only: Category 4) DFSA | USD 200,000 | Not published | Standard |
| Australia Asia-Pacific | Australian Financial Services Licence for non-cash payment facilities ASIC | Not published | Not published | Standard |
| Hong Kong Asia-Pacific | Money service operator licence (MSO): money changing and remittance Commissioner of Customs and Excise | Not published | Not published | Standard |
| Japan Asia-Pacific | Funds transfer service provider registration (Type I, II, III) FSA (via the local Finance Bureau) | Not published | Not published | Standard |
| New Zealand Asia-Pacific | Financial service provider registration (payment services, money transfer, issuing payment instruments, foreign exchange) Registrar of Financial Service Providers (Companies Office) | Not published | Not published | Standard |
| Philippines Asia-Pacific | Operator of payment system (OPS) registration BSP | Not published | Not published | Standard |
| Singapore Asia-Pacific | Major payment institution licence (MPI) MAS | SGD 250,000 | Not published | Standard |
| Singapore Asia-Pacific | Standard payment institution licence (SPI) MAS | SGD 100,000 | Not published | Standard |
| Singapore Asia-Pacific | Money-changing licence MAS | Not published | Not published | Standard |
| South Korea Asia-Pacific | Electronic payment gateway (PG) registration FSC | KRW 300,000,000 | Not published | Standard |
| Antigua and Barbuda Americas & Caribbean | Money Services Business licence Financial Services Regulatory Commission | Not published | Not published | Standard |
| Argentina Americas & Caribbean | Registro de proveedores de servicios de pago (payment service provider registration), including PSP que ofrecen cuentas de pago (PSPCP, payment account providers) Banco Central de la República Argentina (Superintendencia de Entidades Financieras y Cambiarias) | Not published | Not published | Standard |
| Bahamas Americas & Caribbean | Payment service provider licence (electronic retail payment instruments and electronic money) Central Bank of The Bahamas | BSD 100,000 | Not published | Standard |
| Barbados Americas & Caribbean | Payment institution licence Central Bank of Barbados | BBD 50,000 | Not published | Standard |
| Barbados Americas & Caribbean | Money or value transmission service (MVTS) provider licence Minister of Finance on the advice of the Central Bank of Barbados | Not published | Not published | Standard |
| Bermuda Americas & Caribbean | Money service business licence Bermuda Monetary Authority | Not published | Not published | Standard |
| Bolivia Americas & Caribbean | Empresa administradora de tarjetas electrónicas (electronic card administrator) Autoridad de Supervisión del Sistema Financiero | Paid-in capital in bolivianos equal to UFV 2,500,000 (art. 358). | Not published | High risk |
| Brazil Americas & Caribbean | Instituição de pagamento: emissor de instrumento de pagamento pós-pago, credenciador or iniciador de transação de pagamento (post-paid issuer, acquirer or payment initiator) Banco Central do Brasil | BRL 9,200,000 | Not published | Standard |
| British Virgin Islands Americas & Caribbean | Financing and money services licence, Class A (money transmission) and Class B (money orders, cheque cashing, currency exchange) Financial Services Commission | USD 10,000 | Not published | High risk |
| Canada Americas & Caribbean | Payment service provider registration Bank of Canada (Minister of Finance national security review) | Not published | Not published | Standard |
| Cayman Islands Americas & Caribbean | Money services licence Cayman Islands Monetary Authority | KYD 30,000 | Not published | Standard |
| Chile Americas & Caribbean | Operador de tarjetas de pago (card payment operator or acquirer) Comisión para el Mercado Financiero (registration); Banco Central de Chile (rules) | CLF 10,000 | Not published | Standard |
| Curaçao Americas & Caribbean | Money transfer company licence (geldtransactiekantoor) Centrale Bank van Curaçao en Sint Maarten (CBCS) | Not published | CBCS decides within 60 days of receiving a complete application and the application fee (art. 5(2)) | Standard |
| Dominica Americas & Caribbean | Money services business licence (Classes A to E) Financial Services Unit | Not published | Not published | Standard |
| Mauritius Africa | Payment Service Provider licence Bank of Mauritius | Not published | Not published | Standard |
| Seychelles Africa | Payment service provider licence (including electronic money) Central Bank of Seychelles | Not published | Not published | Standard |
| South Africa Africa | Third party payment provider (TPPP) and system operator registration South African Reserve Bank (registration functions moved from PASA to the SARB on 2 September 2026) | Not published | Not published | Standard |
Sources are listed on each jurisdiction page. Information only, not legal advice.