Payment services

Payment services are services in connection with payment transactions and their provision is subject to the supervision of BaFin. Payment services are conclusively governed by Section 1 para. 1 sentence 2 of the German Payment Services Supervision Act (ZAG). Pursuant to this, the following constitute payment services: deposit or disbursement business, payment business not involving the extension of credit, payment business involving the extension of credit, acquisition business, money remittance business, payment initiation services and account information services. The ZAG stipulates what exactly is covered by the respective payment services and further details are provided through the administrative practice of BaFin (see the BaFin guidance note – Hinweise zum Zahlungsdiensteaufsichtsgesetz (ZAG) dated 22/12/2011, as amended on 29/11/2017).