1. Apart from the provision of payment services, payment institutions shall be entitled to engage in the following activities:
(a) the provision of operational and
closely related ancillary services such as ensuring the execution of
payment transactions, foreign exchange services, safekeeping activities,
and the storage and processing of data;
(b) the operation of payment systems, without prejudice to Article 35;
(c) business activities other than the provision of payment services, having regard to applicable Union and national law.
2. Where payment institutions engage in the
provision of one or more payment services, they may hold only payment
accounts which are used exclusively for payment transactions.
3. Any funds received by payment institutions
from payment service users with a view to the provision of payment
services shall not constitute a deposit or other repayable funds within
the meaning of Article 9 of Directive 2013/36/EU, or electronic money as
defined in point (2) of Article 2 of Directive 2009/110/EC.
4. Payment institutions may grant credit relating
to payment services as referred to in point (4) or (5) of Annex I only
if all of the following conditions are met:
(a) the credit shall be ancillary and granted exclusively in connection with the execution of a payment transaction;
(b) notwithstanding national rules on
providing credit by credit cards, the credit granted in connection with a
payment and executed in accordance with Article 11(9) and Article 28
shall be repaid within a short period which shall in no case exceed 12
(c) such credit shall not be granted from the funds received or held for the purpose of executing a payment transaction;
(d) the own funds of the payment
institution shall at all times and to the satisfaction of the
supervisory authorities be appropriate in view of the overall amount of
5. Payment institutions shall not conduct the
business of taking deposits or other repayable funds within the meaning
of Article 9 of Directive 2013/36/EU.
6. This Directive shall be without prejudice to
Directive 2008/48/EC, other relevant Union law or national measures
regarding conditions for granting credit to consumers not harmonised by
this Directive that comply with Union law.