Payment institutions

These are institutions, other than credit institutions, created by Law 16/2009, of November 13, on payment services (in Spanish) Abre en ventana nueva and authorised to perform payment services, such as transfers, direct debits and payments using payment instruments such as cards.

The requirements to obtain and keep the authorization of a payment institution, as well as other
regulations for this type of institutions, are set out in Royal Decree 712/2010, of May 28 (in Spanish)Abre en ventana nueva, on the legal framework governing payment services and payment institutions.