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Payment Services and Electronic Money Act

The Payment Services Act took effect 1 November 2009. The Act regulates payment services such as payment transactions, payments made with IT and telecom equipment, money withdrawals etc.

The Consumer Ombudsman and the Danish FSA monitor compliance with the Act. The Payment Services Act partly replaces the now repealed Act on Certain Payment Instruments.

New payment services and instruments must be registered with the Danish FSA.

Payment instruments include:

  • Payment cards, cash cards, including credit cards
  • Personal payment instruments for use 
  • Home banking systems

The Danish FSA also administrates authorisations of payment instruments with a limited use
Payment instruments with a limited use include:

  • Personal gift vouchers valid in for instance a specific chain of stores
  • Electronic member cards

A payment substitute, an electronic system through which goods and services can be acquired, must, on the other hand, be registered with the Danish Consumer Ombudsman.

Payment substitutes include:

  • SIM cards in mobile telephones
  • E-tickets
  • Codes for use online in an Internet shop
  • Prepaid phone cards and the like
  • Non-personal prepaid gift vouchers

This Act contains provisions implementing Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market.

See the Payment Services and Electronic Money Act (PDF).