Payment services definitions establish the scope of authorised providers, transactions, e-money, cross-border transfers, and third-party arrangements.
IFSC payment services cover specified authorised activities while excluding prescribed non-payment activities. Payment service providers are authorised companies serving payment service users as payers, payees, or both. Payment accounts, instruments, orders, and transactions govern the initiation and execution of payments. Account issuance, cross-border money transfer, e-money issuance, merchant acquisition, and escrow services are separately identified. E-money is prepaid electronically stored value in a specified foreign currency, accepted by persons other than its issuer and representing a claim on the issuer; deposits are excluded. The framework also addresses applicable funds, safeguarding institutions, agents, group entities, and third-party service relationships.
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