Payment service classification distinguishes regulated activities from exclusions and sets significant provider designation criteria through transaction and e-money thresholds. 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 from exclusions and sets significant provider designation criteria through transaction and e-money thresholds.
Payment services include account issuance, e-money issuance, escrow, cross-border money transfer and merchant acquisition, subject to specified exclusions. Significant Payment Service Provider designation applies where a Regular Payment Service Provider exceeds annualised transaction-value thresholds for non-e-money-account services, or prescribed average daily e-money thresholds for e-money account issuance or e-money issuance.
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