Regulations for all Payment Services Providers
What are the types of services not regulated as payment services under the Payment Services Act?
There are some services which are not regulated as payment services under the Payment Services Act. Some examples include:
- Service providers that process only data (e.g. payment instructions) and not money;
- Providers of payment instrument aggregation services and data communications platforms;
- Any payment service that is provided by any person in respect of any limited purpose e-money;
- Any services of dealing in, or facilitating the exchange of, any limited purpose DPTs;
- Any payment service solely incidental to or necessary for regulated activities carried out by a regulated financial services company.