Regulations for all Payment Services Providers
What are examples of Payment Services that do not fall within the scope of the PSA?
a. Limited purpose e-money
b. Limited purpose digital payment tokens
c. Payment services conducted by licensed or exempt entities regulated under the Securities and Futures Act and the Financial Advisers Act.
Some examples of payment service providers exempt from the PSA include the follow:
- Banks;
- Merchant banks;
- Finance companies;
- Non-bank credit cards or charge card issuers
However, it is notable that these entities are regulated under the respective legislation and may have to comply with other requirements in the PSA that do not overlap with existing legislation applicable to them.