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Last Update: 08.04.2014

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General Information

The Payment Services Act (ZaDiG) defines the terms by which persons may provide commercial payment services in Austria (payment service providers) and regulates the rights and obligations of payment service providers and payment service users relating to payment services provided to payment service users resident in Austria or by payment service providers resident in Austria as well as access to payment systems.

Payment services shall comprise the following activities:

  • services enabling cash to be placed on a payment account and cash to be withdrawn from a payment account as well as all the operations required for operating a payment account (incoming and outgoing payment transactions);
  • the execution of the following payment transactions, including transfers of funds into a payment account held with the user's payment service provider or with another payment service provider (payment transactions): direct debits, including one-off debits (direct debit transactions), payment transactions through a payment card or a similar payment instrument (payment card transactions) or credit transfers, including standing orders (credit transfer transactions);
  • the execution of the payment transactions referenced in no 2, where the funds are covered by a credit line for a payment service user (payment services including the granting of credit);
  • the issuance of payment instruments or the acceptance and acquiring of payment instruments (payment instrument transactions);
  • services in which a payer's or payee's funds are accepted solely for the purpose of transferring the corresponding amount to a payee or another payment service provider acting on behalf of the payee or accepting the money amount on behalf of the payee and making the amount available to the payee without setting up a payment account in the payer's or the payee's name (money remittance transactions);
  • the execution of payment transactions by which the payer's approval for the execution of a payment transaction is provided by means of a telecommunications, digital or information technology (IT) device and payment is made to the operator of the telecommunications or IT system or network acting solely as intermediary between the payment service user and the supplier of the goods and services (digital payment transactions).

You will find the legal enumeration of all Payment services in Article 1 Payment Services Act.

With the exception of the case referenced in Article 2 para 2 Payment Services Act (for example: credit institutions), a payment institution is required to be authorised (Article 7) as a payment institution by the FMA in order to provide one or several payment services commercially in Austria in compliance with Article 1 para 2 Payment Services Act.

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