Nature of Non-Bank Credit Cards
Are non-bank credit card or charge card issuers regulated under the Payment Services Act?
Yes. The regulatory scope of the Payment Services Act covers account issuance services, and non-bank credit card or charge card issuers offer account issuance services.
FinReg business tip
Non-bank credit cards (such as Revolut) or charge card issuers require a license under the Banking Act, and compliance with other requirements under the Payment Services Act (PSA) that do not overlap with the Banking Act. These relate mainly to (i) ensure interoperability; and (ii) e-payments user protection.