Payment service classification distinguishes regulated activities, excluded transactions, and conditions for significant provider designation based on transaction scale. Payment Services include account issuance, e-money issuance, escrow, cross-border money transfer, and merchant acquisition, subject to specified ... Summary
Referred In :
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Payment service classification distinguishes regulated activities, excluded transactions, and conditions for significant provider designation based on transaction scale.
Payment Services include account issuance, e-money issuance, escrow, cross-border money transfer, and merchant acquisition, subject to specified exclusions. Exclusions cover authorised-agent transactions, paper payment instruments, settlement-system transactions, securities asset servicing, own-account and intra-group transfers, currency transportation, technical services without possession of funds, and qualifying limited-use instruments. Significant Payment Service Provider designation conditions depend on transaction-value thresholds for non-e-money-account services and average daily e-money values for e-money account issuance or e-money issuance.
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