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 47 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 |
| 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 |
| 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 |
| 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.