A small payment institution is a legal entity, natural person or an organizational unit that is not a legal person, to whom legal capacity is granted under an act, entered in the register of payment service providers and electronic money issuers, operating in the field of any payment service other than the payment transaction initiating service or access service to account information. Such activities may be conducted only on the territory of the Republic of Poland, independently, by a branch or through agents.
The small payment institution was created through the amendment of the Payment Services Act. The activity of these payment institutions consists of the provision of payment services on a smaller scale, therefore limited regulatory requirements apply in this case. Institutions of this type are not required to obtain a permit from the Financial Supervision Authority. However, the activity in the field of payment services as a small payment institution is a regulated activity, its undertaking requires obtaining an entry in the register of payment service providers and electronic money issuer, kept by the Financial Supervision Authority. The date of entry into the register is deemed as the day of starting the activity.
It should be noted that the average of the total amount of payment transactions from the previous 12 months made by a small payment institution cannot be higher than the equivalent of EUR 1,500,000 per month.