Issuing payment instruments and acquiring payment transactions
Card issuing and merchant acquiring sit together under PSD2 Annex I (5), licensed as a PI, an EMI or a bank. A full PI doing this work needs EUR 125,000 of initial capital. From there, the licence passports both sides of the business, issuing and acquiring, across the EU.
Definition
Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants.
- PSD2, Annex I (5): official text
Which licence you need
Licence families that typically permit this activity:
- EMI · Czech Republic
Small-scale Electronic Money Issuer authorisation
CNB
- EMI · Czech Republic
Electronic Money Institution licence
CNB
- PI · Czech Republic
Small-scale Payment Service Provider authorisation
CNB
- PI · Czech Republic
Payment Institution licence
CNB
- EMI · Estonia
Electronic money institution operating with an exception
FI
- EMI · Estonia
Operating licence as an electronic money institution
FI
- PI · Estonia
Payment institution operating with an exception
FI
- PI · Estonia
Operating licence as a payment institution
FI
- PI · Georgia
Payment institution licence
Registration as a Payment Service Provider (PSP) with the National Bank of GeorgiaNBG
- EMI · Germany
Electronic money institution licence
BaFin
- PI · Germany
Payment institution licence
BaFin
- EMI · Ireland
Electronic Money Institution Authorisation
CBI
- PI · Ireland
Payment Institution Authorisation
CBI
- EMI · Latvia
Registered electronic money institution
LB
- EMI · Latvia
Authorised electronic money institution licence
LB
- PI · Latvia
Registered payment institution
LB
- PI · Latvia
Authorised payment institution licence
LB
- EMI · Lithuania
Electronic money institution licence for restricted activity
LB
- EMI · Lithuania
Electronic money institution licence for non-limited activity
LB · capital EUR 350,000
- PI · Lithuania
Payment institution licence for restricted activity
LB
- PI · Lithuania
Payment institution licence
LB
- EMI · Luxembourg
Electronic money institution authorisation
CSSF
- PI · Luxembourg
Payment institution authorisation
CSSF
- EMI · Malta
Electronic money institution licence
MFSA
- PI · Malta
Payment institution licence
MFSA
- EMI · Netherlands
Electronic money institution licence
Electronic money institution licence (Vergunning elektronischgeldinstelling)DNB
- PI · Netherlands
Payment institution licence
Payment institution licence (Vergunning betaalinstelling)DNB
- EMI · Poland
Electronic Money Institution licence
KNF
- PI · Poland
National Payment Institution licence
KNF
- PI · Poland
Small Payment Institution registration
KNF
- PI · Singapore
Major Payment Institution Licence
MAS
- PI · Singapore
Standard Payment Institution Licence
MAS
- EMI · Slovakia
Electronic money institution licence
NBS
- PI · Slovakia
Payment institution licence
NBS
- EMI · Spain
Electronic money institution authorization
BdE
- PI · Spain
Payment institution authorization
BdE
- PI · United Arab Emirates
Retail Payment Services Licence (Categories I to IV)
CBUAE
- EMI · United Kingdom
Small Electronic Money Institution (SEMI) Registration
FCA
- EMI · United Kingdom
Authorised Electronic Money Institution (AEMI)
FCA
- PI · United Kingdom
Small Payment Institution (SPI) Registration
FCA
- PI · United Kingdom
Authorised Payment Institution (API)
FCA
Where it can be licensed
Frequently asked questions
Does a merchant acquiring business need direct membership with card networks?
Usually, yes: an authorised acquirer takes out principal or associate membership with a scheme such as Visa or Mastercard. A smaller payment facilitator can instead operate under an established principal acquirer's sponsorship, while still holding its own payment institution licence.
How does card issuing differ from e-money card issuance?
A standard PI card links to an underlying payment account, for debit or deferred settlement. Once the card stores a prepaid balance, or carries electronic value redeemable with third parties, it has crossed into e-money and needs an EMI licence instead.
Sources
- PSD2 Annex I (5) · retrieved 2026-09-24
Planning issuing payment instruments and acquiring payment transactions? Get the licence right first
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