MB WAY, Apple Pay, or Google Pay… What’s next?

Banco de Portugal today launched a public consultation aimed at enforcing the registration of electronic money entities. In this part, there are payment platforms such as MB WAY, Apple Pay or Google Pay, as well as cryptocurrency platforms that can be included in this system.

This public advisory runs until February 2023. Find out what it says.

Public viewings until February 7, 2023
Banco de Portugal is putting into public consultation, until February 7, 2023, draft instructions (and a related justification note) aimed at regulating the procedure applicable to registration with Banco de Portugal:

Payment Institutions Agents;
agents of electronic money institutions;
For distributors of electronic money for electronic money institutions.


Under the provisions of Decree-Law No. 91/2018, the procedure applicable to payment institutions and electronic money institutions that intend to provide services through agents or distributors means that these entities provide the following information to Banco de Portugal:

The name and address of the agent or distributor;
Describe the internal control mechanisms that the agent will use to comply with legal or regulatory provisions aimed at preventing money laundering and terrorist financing;
the identity of the persons responsible for the management of the electronic money distributor or the agent they use to provide payment services, and for agents who are not providers of payment services, proof of their suitability and competence;
Determine the payment services and / or electronic money services that will be provided through the Agent;  and in the case of agents of electronic money institutions, information on whether they distribute and redeem electronic money.

Adoption of the procedure contained in the draft notice will allow payment institutions and electronic money institutions to assess legal requirements in a coordinated manner and to register agents or distributors in a simpler and faster manner.  You are Contributions can be submitted by email.By following these instructions.