Regulated activity

Issuing payment instruments and acquiring payment transactions

Issuing payment cards or acquiring merchant transactions requires a payment institution (PI) licence, an electronic money institution (EMI) licence or a banking licence under PSD2 Annex I (5). Full PIs carrying out issuing or acquiring require initial capital of EUR 125,000. Authorised providers can passport merchant acquiring and card issuing across the European Union.

Last verified 2026-09-24Markdown · Data (CC BY 4.0)
Issuing payment instruments and acquiring payment transactions: regulated activityPSD2

Definition

Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants.

Which licence you need

Licence families that typically permit this activity:

Where it can be licensed

Jurisdictions where issuing payment instruments and acquiring payment transactions can be licensedCzech RepublicEstoniaGeorgiaGermanyIrelandLatviaLithuaniaLuxembourgNetherlandsPolandSlovakiaSpainUnited Arab EmiratesUnited KingdomMaltaSingapore
Licences in the Atlas that permit this activity
EU/EEA passportDomestic
Czech Republic: Small-scale Electronic Money Issuer authorisation (povolení k činnosti malého vydavatele elektronických peněz - VEPMR)✓
Czech Republic: Electronic Money Institution licence (povolení k činnosti instituce elektronických peněz)✓
Czech Republic: Small-scale Payment Service Provider authorisation (povolení k činnosti poskytovatele platebních služeb malého rozsahu - PPSMR)✓
Czech Republic: Payment Institution licence (povolení k činnosti platební instituce)✓
Estonia: Electronic money institution operating with an exception✓
Estonia: Operating licence as an electronic money institution✓
Estonia: Payment institution operating with an exception✓
Estonia: Operating licence as a payment institution✓
Georgia: Registration as a Payment Service Provider (PSP) with the National Bank of Georgia✓
Germany: Electronic money institution licence (Erlaubnis für das E-Geld-Geschäft nach § 11 ZAG)✓
Germany: Payment institution licence (Erlaubnis zur Erbringung von Zahlungsdiensten nach § 10 ZAG)✓
Ireland: Small Electronic Money Institution Registration✓
Ireland: Electronic Money Institution Authorisation✓
Ireland: Payment Institution Authorisation✓
Latvia: Registered electronic money institution✓
Latvia: Authorised electronic money institution licence✓
Latvia: Registered payment institution✓
Latvia: Authorised payment institution licence✓
Lithuania: Electronic money institution licence for restricted activity✓
Lithuania: Electronic money institution licence for non-limited activity✓
Lithuania: Payment institution licence for restricted activity✓
Lithuania: Payment institution licence✓
Luxembourg: Electronic money institution authorisation✓
Luxembourg: Payment institution authorisation✓
Malta: Electronic money institution licence✓
Malta: Payment institution licence✓
Netherlands: Exempt electronic money institution registration (Vrijstelling elektronischgeldinstelling)✓
Netherlands: Electronic money institution licence (Vergunning elektronischgeldinstelling)✓
Netherlands: Exempt payment service provider registration (Vrijstelling betaaldienstverlener)✓
Netherlands: Payment institution licence (Vergunning betaalinstelling)✓
Poland: Electronic Money Institution licence (krajowa instytucja pieniądza elektronicznego - KIO)✓
Poland: National Payment Institution licence (krajowa instytucja płatnicza - KIP)✓
Poland: Small Payment Institution registration (mała instytucja płatnicza - MIP)✓
Singapore: Major Payment Institution Licence✓
Singapore: Standard Payment Institution Licence✓
Slovakia: Electronic money institution licence (povolenie na vydávanie a správu elektronických peňazí bez obmedzenia rozsahu)✓
Slovakia: Payment institution licence (povolenie na poskytovanie platobných služieb bez obmedzenia rozsahu)✓
Spain: Entidad de dinero electrónico (EDE) / Electronic money institution authorization✓
Spain: Entidad de pago (EP) / Payment institution authorization✓
United Arab Emirates: Retail Payment Services Licence (Categories I to IV)✓
United Kingdom: Small Electronic Money Institution (SEMI) Registration✓
United Kingdom: Authorised Electronic Money Institution (AEMI)✓
United Kingdom: Small Payment Institution (SPI) Registration✓
United Kingdom: Authorised Payment Institution (API)✓

Frequently asked questions

Does a merchant acquiring business need direct membership with card networks?

Authorised acquirers typically secure principal or associate membership with schemes like Visa and Mastercard. However, smaller payment facilitators can operate under the sponsorship of an established principal acquirer while maintaining their own payment institution licence.

How does card issuing differ from e-money card issuance?

Standard payment institution card issuing links a payment card to an underlying payment account for debit or deferred settlement. If the card stores prepaid balances or circulates electronic monetary value redeemable with third parties, an EMI licence is required.

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

  1. PSD2 Annex I (5) · retrieved 2026-09-24

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