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Article (3): License Categories

C 15/2021 Effective from 6/6/2021
  1. A Person that intends to provide Retail Payment Services shall apply for one of the following categories of License:
     
    1. 1.1. Category I License;
       
    2. 1.2. Category II License;
       
    3. 1.3. Category III License; and
       
    4. 1.4. Category IV License
       
  2. An Applicant shall apply for a Category I License where it intends to provide one or more of the following Retail Payment Services:
     
    1. 2.1. Payment Account Issuance Services;
       
    2. 2.2. Payment Instrument Issuance Services;
       
    3. 2.3. Merchant Acquiring Services;
       
    4. 2.4. Payment Aggregation Services;
       
    5. 2.5. Domestic Fund Transfer Services;
       
    6. 2.6. Cross-border Fund Transfer Services; and
       
    7. 2.7. Payment Token Services.
       
  3. An Applicant shall apply for a Category II License where it intends to provide one or more of the following Retail Payment Services:
     
    1. 3.1. Payment Account Issuance Services;
       
    2. 3.2. Payment Instrument Issuance Services;
       
    3. 3.3. Merchant Acquiring Services;
       
    4. 3.4. Payment Aggregation Services;
       
    5. 3.5. Domestic Fund Transfer Services; and
       
    6. 3.6. Cross-border Fund Transfer Services.
       
  4. An Applicant shall apply for a Category III License where it intends to provide one or more of the following Retail Payment Services:
     
    1. 4.1. Payment Account Issuance Services;
       
    2. 4.2. Payment Instrument Issuance Services;
       
    3. 4.3. Merchant Acquiring Services;
       
    4. 4.4. Payment Aggregation Services; and
       
    5. 4.5. Domestic Fund Transfer Services.
       
  5. An Applicant shall apply for a Category IV License where it intends to provide one or all of the following Retail Payment Services:
     
    1. 5.1. Payment Initiation Services; and
       
    2. 5.2. Payment Account Information Services.