Schedule 1, Part 1, paragraph 1

Subject to Part 2, the following, when carried out as a regular occupation or business activity, are payment services— services enabling cash to be placed on a payment account and all of the operations required for operating a payment account; services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account; the execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider— execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; execution of credit transfers, including standing orders; the execution of payment transactions where the funds are covered by a credit line for a payment service user— execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; execution of credit transfers, including standing orders; issuing payment instruments or acquiring payment transactions; money remittance; payment initiation services; account information services.

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Source: legislation.gov.uk · retrieved 2026-09-04