The Payment Card Interchange Fee Regulations 2015

means a payment service provider contracting with a payee to accept and process card-based payment transactions, which result in a transfer of funds to the payee;

means a service based on a payment card scheme’s infrastructure and business rules to make a payment transaction by means of any card, telecommunication, digital or IT device or software if this results in a debit or a credit card transaction, but does not include transactions based on other kinds of payment services;

means the inclusion of two or more payment brands or payment applications of the same brand on the same card-based payment instrument;

means a failure by a person to comply with— (a) an obligation, prohibition or restriction imposed by the interchange fee regulation, or (b) a direction given under regulation 4 or 4A;

means a card-based payment transaction where the amount of the transaction is debited in full or in part, with or without interest, on a date agreed with the payer, under the terms of a prearranged credit facility;

means a card-based payment transaction that is not a credit card transaction, and which includes a transaction using a prepaid card;

has the meaning given in regulation 4(6) or 4A(8);

has the meaning given in regulation 13(3);

means a fee paid for each transaction directly or indirectly (including fees paid through a third party) between the issuer and the acquirer involved in a card-based payment transaction, and includes the net compensation or other agreed remuneration;

means a payment service provider contracting to provide a payer with a payment instrument to initiate and process the payer’s card-based payment transactions;

means the total net amount of payments, rebates or incentives received by an issuer from the payment card scheme, the acquirer or any other intermediary in relation to card-based payment transactions or related activities.

means a person who is the intended recipient of funds which have been the subject of a payment transaction;

means a person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;

means an account held in the name of one or more payment service users which is used for the execution of payment transactions, including a specific account for electronic money as defined in regulation 2(1) of the Electronic Money Regulations 2011;

means computer software or equivalent loaded on a device enabling card-based payment transactions to be initiated and allowing the payer to issue payment orders;

means any material or digital name, term, sign, symbol or combination thereof, capable of denoting under which payment card scheme card-based payment transactions are carried out;

means a category of payment instrument that enables the payer to initiate a debit or credit card transaction;

means a single set of rules, practices, standards and/or implementation guidelines for the execution of card-based payment transactions and which is separated from any infrastructure or payment system that supports its operation, and includes any specific decision-making body, organisation or entity accountable for the functioning of the scheme;

means any personalised device and/or set of procedures agreed between the payment service user and the payment service provider and used in order to initiate a payment order;

means any instruction by a payer to its payment service provider requesting the execution of a payment transaction;

has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;

has the meaning given in regulation 2 of the Payment Services Regulations 2017;

has the meaning given in regulation 2 of the Payment Services Regulations 2017;

means an action, initiated by the payer or on its behalf by the payee of transferring funds, irrespective of any underlying obligation between the payer and the payee;

means the performance of payment transaction processing services in terms of the actions required for the handling of a payment instruction between the acquirer and the issuer;

means any person providing payment transaction processing services;

means a person— (a) on whom an obligation, prohibition or restriction is imposed by any provision of the interchange fee regulation, or (b) who is subject to a direction under regulation 4A(1).

means the Financial Services (Banking Reform) Act 2013;

means Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions;

means the body established under section 40(1) of the 2013 Act;

means rules under section 15 of the Enterprise Act 2002.