International Financial Services Centers Authority (Payment Services) Regulations, 2024
On 29th January 2024, the International Financial Services Centres Authority released a notification titled “International Financial Services Centres Authority (Payment Services) Regulations, 2024”.
The IFSCA Payment Services Regulations 2024 are aimed at regularising payment services in the IFSCA. As per these regulations, anyone wishing to facilitate payment services within or from IFSCs must get a license from the IFSCA as stated by these requirements. These regulations involve many services, such as account opening, cross-border remittances, and services associated with virtual digital assets.
For robust operations in the financial sector, it is necessary that payment service providers observe certain minimum capital levels set out by law and continuously comply with them. The regulations also emphasize consumer protection, mandating clear transaction summaries, and dispute resolution mechanisms. By setting these standards, the IFSCA aims to foster a secure, efficient, and transparent payment ecosystem within the IFSCs, promoting confidence among consumers and stakeholders.
