The Regulation (‘RPSCS Regulation’) lays down the rules and conditions established by the Central Bank for granting a License for the provision of Retail Payment Services. The Retail Payment Services are digital payment services in the State and comprise nine categories, namely Payment Account Issuance Services, Payment Instrument Issuance Services, Merchant Acquiring Services, Payment Aggregation Services, Domestic and Cross-border Fund Transfer Services, Payment Token Services, Payment Initiation Services and Payment Account Information Services. It also requires Card Schemes to obtain a License from the Central Bank and sets out the conditions for granting such License as well as the ongoing obligations of Card Schemes. The Central Bank has furthermore been given the right to receive information on the fees and charges of Card Schemes, and regulate such fees and charges if the Central Bank considers it appropriate. In addition, proper contractual arrangements are required between Banks or other Payment Service Providers providing Payment Account Issuance Services, on one hand, and Payment Service Providers providing Payment Initiation and Payment Account Information Services, on the other hand. Payment Service Providers wishing to participate in wages distribution and be given access to the Wages Protection System are subject to a set of on-going requirements.

The Central Bank Law requires providing money transfer services, electronic retail payments, and digital money services to be subject to a licensing regime administered by the Central Bank and provides the statutory basis for the powers of the Central Bank in relation to the licensing and ongoing supervision of Payment Service Providers and Card Schemes.