Eternity Law International — News — Payment Institutions in Cyprus: why do you need to get it?

Payment Institutions in Cyprus: why do you need to get it?

Published:
May 28, 2021

One of the most popular jurisdictions for providing your business lasts Cyprus. The Republic of Cyprus regulates the provision of payment services through the Laws on Payment Services and Access to Payment Systems, enacted in 2018 and 2019 (the “Law”). Through these Laws, the provisions of the European Union Directive 2015/2366, approved by the European Parliament and the Council on November 25, 2015, were transferred to the National Legislation, which contains the rules regarding payment services within the internal market.

The law includes provisions that regulate, inter alia, the following:

  • the procedure for issuing permits, overseeing the work of payment institutions;
  • transparency of requirements for payment services and transparency of their implementation;
  • fulfillment of the respective rights and obligations of users of payment field services and providers of such services in relation to the provision of payment services as ordinary activities or economic activities.

Services that are considered payment services include some of the following, in particular:

  • services through which you can deposit cash into your own payment account, and, in addition, carry out all the operations that are necessary to work with the payment account;
  • any of the transactions carried out with the payment account;
  • carrying out monetary transactions of any type, including transferring funds to a client’s account through a payment service provider:

1. direct debit, including direct one-time debit;

2. payment transactions by means of a payment card or using a similar device;

3. money transfers and standing money orders.

  • payment transactions with coverage of funds by a credit line:

1. direct debit, including direct one-time debit;

2. payment transactions by means of a payment card or using a similar device;

3. money transfers and standing money orders.

  • receiving or issuing payment instruments;
  • money transfers in the general sense;
  • payment transactions carried out subject to obtaining consent from the payer regarding the use of the device. Payment in such transactions is made through telecommunication devices, IT systems, or the supplier’s network.

The Payment Field Service Provider (PSP) may be one of the following:

  • payment institution;
  • credit organisation;
  • an institution that works with electronic money;
  • Member State or regional government offices;
  • European or national central bank;
  • Postal office.

Any person using the payment service can act as a user of the payment service, in particular, a legal or natural person operating in the trade field, or simply being a consumer.

Thus, if you are interested in obtaining or acquisition of ready-made options in Cyprus do not hesitate to contact us.

For details: Julia.z@eternitylaw.com / Telegram @juliazhil

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