Companies that provide payment services and wish to continue providing these services must apply for a paying authority’s activity license or the required concession license.

Companies are generally not permitted to continue providing payment services without a license from 22 October 2010. It is thereby irrelevant whether the provision of payment services is the principal or an ancillary activity of the company.

The new Paying Authorities and Electronic Money Institutions Act that entered into force on 22 January 2010 established new rules to the activities of payment service providers and the exercise of supervision, pursuant to which provision of payment service is an area of economic activities where licensing is required. The Act requires payment service providers to make their activities comply with the requirements of the Paying Authorities and Electronic Money Institutions Act within nine months of the Act’s entry into force.