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Adopted text

Payment services and electronic money services in the internal market

TA-9-2024-0297 · P9_TA(2024)0297 · PE753.780

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✦ In short · AI summary of this text, generated 25 Sept 2026

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Parliament's position at first reading on a proposed directive on payment services and electronic money services in the internal market. It replaces Directives (EU) 2015/2366 and 2009/110/EC and amends Directive 98/26/EC. It sets a single authorisation for payment institutions, including those issuing electronic money, with initial capital from EUR 25 000 to EUR 350 000 and own funds rules. It lays down rules on safeguarding users' funds, supervision, cross-border services, registration of account information service providers and ATM deployers, and exemptions for small providers. It bans payment institutions from taking deposits, allows credit only under strict conditions, and requires records to be kept for at least five years. It requires the Commission to review the directive after five years and the scope after three years from the entry into force of the Payment Services Regulation.

Key points

  1. Payment institutions must obtain authorisation from the home Member State to provide payment or electronic money services, and authorisation is valid across the Union.
  2. Applicants must provide a programme of operations, business plan, governance arrangements, security policy and a winding-up plan, among other documents.
  3. Initial capital is set at EUR 25 000 for money remittance, EUR 50 000 for payment initiation services, EUR 150 000 for other payment services and EUR 350 000 for electronic money services.
  4. Own funds must be calculated using methods A, B or C for payment services, and method D for electronic money services, and must not fall below initial capital.
  5. Payment institutions must safeguard users' funds by segregating them or covering them with insurance, and must avoid concentration risk.
  6. Payment institutions may not take deposits and may grant credit only if it is ancillary to a payment transaction, repaid within a short period, and not from safeguarded funds.
  7. Competent authorities must decide on authorisation within two months of receiving a complete application.
  8. Account information service providers and ATM deployers not servicing payment accounts are subject to registration, not authorisation, and must hold professional indemnity insurance or EUR 50 000 initial capital.
  9. Retailers may provide cash withdrawals without a purchase up to EUR 100 per transaction, subject to customer authentication and fee disclosure.
  10. Member States may exempt small providers whose monthly average payment transactions do not exceed EUR 3 million or whose outstanding electronic money does not exceed EUR 5 million.
  11. The Commission must review the directive after five years and the scope after three years from the entry into force of the Payment Services Regulation.

Who is affected

  • Payment institutions and electronic money institutions, which must obtain authorisation and comply with capital, safeguarding and conduct rules.
  • Account information service providers, which must register and hold insurance or capital instead of full authorisation.
  • ATM deployers not servicing payment accounts, which must register and follow transparency rules.
  • Retailers offering cash withdrawals without a purchase, which are exempt but must cap withdrawals at EUR 100 and authenticate customers.
  • Member States, which must transpose the directive and designate competent authorities.

Figures and deadlines

  • EUR 25 000 initial capital for money remittance
  • EUR 50 000 initial capital for payment initiation services or as alternative to professional indemnity insurance
  • EUR 150 000 initial capital for other payment services
  • EUR 350 000 initial capital for electronic money services
  • EUR 100 cap per cash withdrawal in retail stores without a purchase
  • EUR 3 million maximum monthly average payment transactions for exemption
  • EUR 5 million maximum average outstanding electronic money for exemption
  • EUR 1 million threshold for notification of limited network activities

Legal basis: Articles 53 and 114 of the Treaty on the Functioning of the European Union