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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Italy
SectionTitle
Payment services
Body
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.
For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.
Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.
Introduction
Attitude of the country towards modern payment services
In Italy, payment services are experiencing constant growth in recent times, albeit cash remains the most common payment means. The payment services industry continued to gain momentum especially during the lock-down periods in 2020 and 2021 when the volume of online payment transactions reached unprecedented levels. Also, a set of political measures aimed at incentivising the use of electronic and card payments were enacted by the Italian government throughout 2020 and 2021.
Payment services are subject to prior authorisation and regulated by the Bank of Italy.
Legal affairs
Obligations and requirements to provide payment services or ancillary services described above
Payment services can be provided by payment institutions authorised by the Bank of Italy (
Banca d’Italia
). The authorisation is subject to the conditions listed under Section 114-
novies
of the Italian Consolidated Banking Law (Legislative Decree no. 385 of September, 1st 1993 as amended –
Testo Unico Bancario
–
TUB
) as specified by the regulatory provisions on payment institutions and electronic money institutions issued by the Bank of Italy. Among others, it is required that payment institutions are incorporated either as joint stock company (
società per azioni
), limited partnership by shares (
società in accomandita per azioni
), limited liability company (
società a responsabilità limitata
) or cooperative (
società cooperativa
) and that they have their registered offices in the Italian territory. Moreover, payment institutions are required to have a minimum initial capital equal to:
EUR 20,000 when the payment institution provides only money remittance services;
EUR 50,000 when the payment institution provides only services of execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services; and
EUR 125,000 in case the payment institution provides one or more of the other payment services.
Payment institutions may provide a number of ancillary services without the need to obtain an ad hoc authorisation, including granting of credits related to the provided payment services, provision of related or operative services and management of payment systems. Entities normally performing other kinds of business can provide payment services only if authorised by the Bank of Italy. In this case, they shall comply with some specific requirements, including the maintenance of a dedicated asset in relation to the provision of payment services and ancillary services.
Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area
Payment institutions established in another EU Member State can provide payment services in Italy under the
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Authors
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Name
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Giulio Novellini
Portolano Cavallo
[email protected]
0
4139
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