Another MIP (small payment institution) with an authorisation. 97 active MIPs on board.
The company has an authorisation for all payment services listed in Article 3 (1) of the Payment Services Act, with the exception of the payment initiation service (PIS) and the account information service (AIS). Thus, the MIP register currently discloses 97 active entities, which proves the popularity of this form of presence on the payment services market. Let us remind you that applying for the MIP status has its undeniable advantages, which are undoubtedly: a short waiting period for obtaining the license, lower costs of obtaining it and low requirements for applicants (in relation to the extensive requirements for entities applying for the status of a national payment institution – KIP). The disadvantages of MIP status include undoubtedly the monthly transaction limit of EUR 1.5 million and the ban on providing services outside Poland.
We encourage our clients to apply for the MIP status, which is a great starting point for starting operations on the Polish payment services market. We are seeing a positive trend of shortening the processing time for MIP license applications.