The Payment Intermediary Services License is of interest to those who wish to operate as an online Payment Service Provider (PSP). The PSP business model is becoming more of a norm in the current business environment to address the ever-increasing need of both online shoppers and online sellers to do business via the internet. The Payment Intermediary Services License can only be applied for under a Category 1 Global Business Company and needs the approval of the Financial Services Commission for a GBC 1 to obtain such a special license. One of the licensing conditions is that the company must maintain an unimpaired capital of at least MUR 500,000 or its equivalent. With a Payment Intermediary Services License, the GBC 1 can offer merchant online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time transfer based on online banking. The main customer base is often composed of online merchant sellers
- Services enabling cash to be placed on a payment account, including all operations required for operating a payment account
- Services enabling cash withdrawal from a payment account, including all operations required for operating a payment account
- Execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the user or with another payment service provider, including the execution of –
- direct debits and one-off direct debits;.
- execution of payment transactions through a payment card or a similar device;
- execution of credit transfers, including standing orders.
- Execution of payment transactions where the funds are covered by a credit line for a payment service user, including the execution of –
- direct debits and one-off direct debits;
- payment transactions through a payment card or a similar device;.
- c. credit transfers and standing orders
- Issue of payment instruments and/or acquiring of payment transactions
- Money remittance
- Payment initiation services.
- Account information services
- The operation of payment systems;
- Without prejudice to the provisions of article 5(6) of the Financial Act, business activities other than the provision of payment services;
- When payment institutions engage in the provision of payment services, they may only hold payment accounts used exclusively for transactions; any funds received by payment institutions from payment service users with a view to the provision of payment services shall not constitute a deposit or other repayable funds within the meaning of article 2 of the Banking Act, or electronic money within the meaning of article 2 of the Banking Act;
- P9. Any other services functional to the transfer of money, including the issuance of electronic money and electronic money instruments, but excluding the provision of solely online or telecommunication services or network access
