If you want to launch a payment business — whether for money transfers, merchant acquiring, remittance services or digital wallets — you will need regulatory authorisation. However, the same payment activity is regulated very differently across jurisdictions. In some countries, businesses can obtain a registration within weeks, while others require a full licensing process that takes several months. The jurisdiction you choose will influence your licensing costs, time to market and the regions where you can legally operate.
This article compares seven payment licensing regimes in 2026, ranging from lightweight registration regimes — such as Small Payment Institution (SPI) registration in Poland — to one of the most comprehensive regulatory frameworks — the Australian Financial Services License (AFSL). For each jurisdiction, we explain the regulator, licensing costs, capital requirements, expected timelines and the types of businesses it suits best. Equilex supports clients throughout the licensing process in each of these jurisdictions, from the initial application to regulatory approval.
#What Is a Payment License and Why You Needs One
A payment license is a regulatory authorisation that allows a business to provide payment services legally. Depending on the jurisdiction, these services may include money transfers, merchant acquiring, remittance services, payment processing, digital wallets and other activities involving the receipt, processing or transmission of client funds.
Payment licenses are commonly required by fintech companies, payment aggregators, remittance providers and crypto businesses that offer fiat payment services. Without the appropriate license, many businesses cannot establish banking relationships, connect to payment service providers or legally receive and process customer funds.
Payment licensing frameworks differ significantly from one jurisdiction to another. Some countries offer relatively simple registration regimes, such as Small Payment Institution (SPI) registration in Poland or Money Services Business (MSB) registration in the United States. Others require a full regulatory authorisation, such as the Australian Financial Services License (AFSL). The seven jurisdictions below range from fast-entry registration models to comprehensive licensing frameworks with higher regulatory expectations.
Businesses operating within the European Union should also note that, from 10 July 2027, payment institutions will become subject to the new requirements introduced by the Anti-Money Laundering Regulation (AMLR) under Regulation (EU) 2024/1624. Learn more in our guide to EU AMLR implementation for payment institutions.
Electronic Money Institution (EMI) licenses form a separate regulatory category with the right to issue electronic money. Whether an EMI license is more appropriate than a payment institution license depends on the proposed business model and is typically discussed during the licensing process.
#Best Countries for a Payment License in 2026
The seven jurisdictions below represent different approaches to payment licensing, from fast registration-based models to comprehensive financial services authorisations. For each, we cover the regulator, entry costs, timelines and the key limitations to weigh before applying.
#SPI (Small Payment Institution) in Poland
Poland's Small Payment Institution (SPI) regime is regulated by the Polish Financial Supervision Authority (KNF) and is one of the fastest ways to launch a regulated payment business in Europe. It is designed for companies that want to begin providing payment services in Poland without immediately applying for a full payment institution license.
Licensing projects generally start from EUR 11,900, while ready-made SPI companies are available from EUR 48,000. The registration process typically takes from three months.
SPI regime itself carries no dedicated capital requirement — only the standard PLN 5,000 (approximately EUR 1,200) minimum share capital of a Polish limited company (sp. z o.o.) applies. That said,maintaining around EUR 50,000 in liquid funds is generally recommended to support day-to-day operations. SPIs are also subject to an average monthly transaction limit of EUR 1.5 million, calculated over the trailing 12 months.
The regime is best suited to fintech startups and payment businesses launching their first payment operations in Poland.
Its main limitation is that an SPI cannot passport its services across the European Union and may operate only within Poland. Once the statutory transaction limit is exceeded, the business must apply for a full National Payment Institution (KIP/PI) license through a separate authorisation process.
#MSB Registration in the United States
Money Services Business (MSB) registration provides one of the fastest entry routes into the US payments market. Businesses register federally with FinCEN, while additional state licenses may be required depending on where money transmission services are offered.
Licensing projects generally start from USD 7,000, while ready-made MSB companies are available from USD 17,000. Initial registration projects can begin from one month, particularly when operating through Montana, which does not require a Money Transmitter License.
There is no federal minimum capital requirement for MSB registration.
The regime is best suited to crypto businesses, remittance providers and fintech companies targeting the US market.
Businesses should note that federal MSB registration is only one part of the regulatory framework. State licensing requirements, ongoing compliance obligations and expansion strategies vary significantly depending on the states in which services are provided. For a detailed breakdown of licensing costs and state requirements, see our guide to MSB License Cost in 2026.
#PIS License in Mauritius
The Payment Intermediary Services (PIS) license is regulated by the Financial Services Commission (FSC) and provides a recognised framework for businesses offering payment services from Mauritius. It is commonly used by fintech companies serving international markets, particularly across Africa and Asia.
Entry costs start at EUR 25,000 for a licensing project, while ready-made PIS companies are available from EUR 195,000. The licensing process generally takes from three months, although the final timeline depends on the business model, ownership structure, completeness of the application and the FSC’s review.
Applicants must maintain a minimum unimpaired stated capital of MUR 2,000,000, approximately USD 45,000. The FSC will also assess the company’s governance arrangements, compliance framework, risk controls, financial resources and ability to operate the proposed payment business on an ongoing basis.
A PIS applicant is generally structured as a Mauritius Global Business Company (GBC). This structure requires at least two Mauritius-resident directors and a local registered office. The company must also demonstrate genuine local substance, which may include maintaining corporate and accounting records in Mauritius, holding board meetings locally and establishing sufficient office, personnel and operational resources for the scale and complexity of its activities.
Mauritius applies a standard corporate income tax rate of 15%. However, an 80% partial exemption may reduce the effective tax rate to approximately 3% on qualifying income. Access to this treatment is not automatic: the company must meet the applicable substance requirements, conduct relevant core income-generating activities and demonstrate adequate local expenditure and resources.
The PIS license is therefore best suited to internationally focused payment gateways, merchant-acquiring providers, cross-border processors and other fintech businesses seeking a regulated base for operations involving Africa, Asia and other non-European markets. Mauritius may also appeal to groups looking for a combination of financial regulation, an English-speaking business environment and a potentially efficient tax structure.
Unlike European payment licenses, a Mauritian PIS license does not provide EU passporting rights. It does not automatically authorise the company to offer regulated payment services in the EU or other foreign jurisdictions, so additional registrations or licenses may be required depending on the location of customers, merchants and payment activities.
#MSO License in Hong Kong
Hong Kong's Money Service Operator (MSO) license is issued by the Customs and Excise Department (C&ED) and authorises businesses to provide money remittance and currency exchange services. It is one of Asia's best-known payment licensing regimes and is often chosen by businesses looking to establish a regulated presence in the region.
Licensing projects generally start from EUR 30,000, while ready-made MSO companies are available from EUR 290,000. The licensing process typically takes from four months.
Hong Kong sets no statutory minimum capital for the MSO license — applicants must instead demonstrate sufficient financial resources to run the business. Companies are commonly incorporated with nominal paid-up capital of around HKD 10,000 (approximately USD 1,300).
The license fits remittance companies, foreign exchange providers and payment businesses seeking a regulated gateway into Asian markets.
Unlike many other payment licensing regimes, Hong Kong places significant emphasis on operational readiness. At least one member of senior management (the sole proprietor, a partner or a director) must pass the C&ED Competence Assessment, while the proposed business premises are subject to a physical inspection before the license is granted.
#AFSL in Australia
The Australian Financial Services License (AFSL) is issued by the Australian Securities and Investments Commission (ASIC) and is the most comprehensive licensing framework covered in this comparison. It authorises a broad range of regulated financial services and is designed for businesses operating within Australia's highly regulated financial sector.
Licensing projects generally start from EUR 40,000, while ready-made AFSL companies are available from EUR 250,000. Typical licensing timelines begin from four months.
Depending on the proposed business model, applicants must satisfy Net Tangible Asset (NTA) requirements starting from AUD 50,000, with substantially higher thresholds applying to custodial and more complex financial services businesses.
An AFSL is best suited to well-funded fintech companies and payment businesses planning long-term operations in Australia and the wider Oceania region.
Among the seven jurisdictions in this comparison, Australia represents the highest entry cost and one of the most demanding regulatory frameworks, but it also provides access to the region's largest financial market. Australia's evolving digital asset framework is also expected to bring certain digital asset service providers within the AFSL regime.
#SRO Registration in Switzerland
Unlike most jurisdictions covered in this guide, Switzerland does not offer a dedicated payment license for many fintech business models. Instead, eligible companies typically operate through membership in a recognised Self-Regulatory Organisation (SRO) supervised by FINMA, enabling them to conduct regulated activities while complying with Switzerland's anti-money laundering framework.
Registration projects generally start from CHF 35,000 (approximately EUR 37,000) while ready-made SRO member companies are available from EUR 195,000. Typical onboarding timelines begin from three months.
Applicants are generally expected to maintain share capital from CHF 20,000, depending on the legal structure and business model.
The framework is particularly suitable for crypto businesses and payment companies seeking the credibility and reputation of the Swiss regulatory environment.
SRO membership provides AML supervision through a FINMA-recognized self-regulatory body, and the resulting scope of authorization is narrower than many international applicants initially expect. It carries none of the powers of a banking or FINMA license.
#FSP Registration in New Zealand
New Zealand's Financial Service Provider (FSP) registration provides one of the fastest entry routes into a regulated English-speaking jurisdiction. Businesses register on the Financial Service Providers Register (FSPR), while certain regulated activities require additional licensing by the Financial Markets Authority (FMA).
Registration projects generally start from USD 14,000, while ready-made FSP companies are available from USD 55,000. Depending on the proposed business model, registration can begin from two months.
There is no fixed minimum capital requirement for FSPR registration, which keeps the capital barrier to entry low.
The regime is well suited to fintech startups seeking a relatively quick market entry into an English-speaking jurisdiction.
However, businesses should also consider its limitations. Following a series of enforcement actions against companies with little or no genuine connection to New Zealand, the FMA has strengthened regulatory oversight, and banks now apply greater scrutiny during onboarding. As a result, applicants should be prepared to demonstrate genuine business substance rather than relying solely on FSP registration.
Here is how entry costs across the seven regimes compare, converted to EUR where necessary:
#Not sure which jurisdiction fits your payment business?
Choosing the right payment license depends on your target markets, business model, regulatory budget and long-term growth plans. Whether you need a fast registration, a scalable payment institution or an established licensed company, Equilex can help you identify the most suitable jurisdiction and manage the licensing process from start to finish.
→ Get a consultation: https://www.equilex.co/payment-fintech-license
#How PSD3 Will Change Payment Licensing in the EU
Payment licensing in Europe is about to change. PSD3 is intended to modernize the EU payment framework by creating a more consistent regulatory regime for payment institutions and electronic money institutions, and businesses applying for a license today should factor the reform into their planning.
The European Parliament and the Council of the EU reached a political agreement on the Third Payment Services Directive (PSD3) and the accompanying Payment Services Regulation (PSR) in November 2025, and the Council published the final compromise texts in April 2026. Formal publication is expected during the second half of 2026, with the new framework expected to apply after a 21-month implementation period, likely in 2028.
Existing EU license holders will not automatically transition to the new regime: while the new rules start to apply 21 months after publication, existing payment institutions and EMIs will have a separate transitional window to be re-authorized under PSD3 and to update their governance arrangements.
While the changes will primarily affect EU payment institutions, they highlight the importance of choosing a licensing jurisdiction that supports long-term business growth. For businesses planning a long-term payment business, regulatory stability should be considered alongside licensing costs and application timelines. Choosing the right jurisdiction today can reduce the need for costly restructuring when the new EU framework comes into force.
#FAQ
What is the cheapest country to get a payment license?
Poland's SPI is generally the lowest-cost option because it dedicated capital requirement beyond the PLN 5,000 company minimum, and setup costs start from around EUR 11,900.. However, it is limited to the Polish market, cannot be passported across the EU and is capped at an average of EUR 1.5 million in monthly transaction volume.
#What is the fastest payment license to get?
The federal FinCEN filing for a US MSB can be completed within days, although a full registration project typically takes from one month. New Zealand FSP registration runs from around two months, and Poland's SPI takes two to three months. Actual timelines depend on the completeness of the application and regulatory review.
Do I need a payment license to process crypto transactions?
It depends on the jurisdiction and the services you provide. In the United States, many crypto payment businesses register as MSBs. In Switzerland, businesses commonly operate through SRO membership. Within the European Union, crypto service providers generally require a separate CASP authorisation under MiCA rather than a payment license. For further information you can explore our crypto licensing page.
Can I use one payment license in multiple countries?
No. None of the seven regimes covered in this article provides automatic international passporting. Businesses operating across multiple jurisdictions generally require additional licenses or, within the EU, a full PI or EMI authorisation that supports passporting.
Can I buy a ready-made company with a payment license?
Yes. Purchasing a ready-made licensed company can reduce market entry from several months to only the time required for regulatory approval of the ownership change. Available opportunities vary by jurisdiction. Current ready-made licensed companies are listed on Dealable24.