Article (3): License Categories
C 15/2021 Effective from 6/6/2021 - A Person that intends to provide Retail Payment Services shall apply for one of the following categories of License:
- 1.1. Category I License;
- 1.2. Category II License;
- 1.3. Category III License; and
- 1.4. Category IV License
- An Applicant shall apply for a Category I License where it intends to provide one or more of the following Retail Payment Services:
- 2.1. Payment Account Issuance Services;
- 2.2. Payment Instrument Issuance Services;
- 2.3. Merchant Acquiring Services;
- 2.4. Payment Aggregation Services;
- 2.5. Domestic Fund Transfer Services;
- 2.6. Cross-border Fund Transfer Services; and
- 2.7. Payment Token Services.
- An Applicant shall apply for a Category II License where it intends to provide one or more of the following Retail Payment Services:
- 3.1. Payment Account Issuance Services;
- 3.2. Payment Instrument Issuance Services;
- 3.3. Merchant Acquiring Services;
- 3.4. Payment Aggregation Services;
- 3.5. Domestic Fund Transfer Services; and
- 3.6. Cross-border Fund Transfer Services.
- An Applicant shall apply for a Category III License where it intends to provide one or more of the following Retail Payment Services:
- 4.1. Payment Account Issuance Services;
- 4.2. Payment Instrument Issuance Services;
- 4.3. Merchant Acquiring Services;
- 4.4. Payment Aggregation Services; and
- 4.5. Domestic Fund Transfer Services.
- An Applicant shall apply for a Category IV License where it intends to provide one or all of the following Retail Payment Services:
- 5.1. Payment Initiation Services; and
- 5.2. Payment Account Information Services.
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