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A national payment institution is a legal entity that has its registered office in Poland and can provide payment services. It can also provide services in the field of issuing electronic money, if it has an appropriate level of own funds. This type of activity is a concession activity; therefore it requires the approval of the Polish Financial Supervision Authority. It is also necessary to enter the register of payment service providers, kept by the P Polish Financial Supervision Authority.
The activity may be carried out both on the territory of the Republic of Poland and on the territory of other countries belonging to the European Economic Area. Activities in the territory of these countries can be carried out in the form of a branch, through an agent or as part of cross-border activities.
Payment services that can be provided by a domestic payment institution are indicated in the Payment Services Act. The Act contains a closed list of activities that are considered to be payment services.
The national payment institution, which has initial capital in the amount higher than 125,000 euro, has the right to issue electronic money on the territory of the Republic of Poland. Before undertaking activity in the field of issuing electronic money, the national payment institution should inform the Polish Financial Supervision Authority in writing of its intention to conduct such activity.
Apart from payment services, the national payment institution may also provide additional services that are related to the payment services, e.g. currency exchange services, secure cash storage services for the execution of a payment transaction or data storage and processing services. It can also run payment systems and other business activities.