Wolf Theiss advised paysafecard.com Wertkarten Vertriebs GmbH, a leading provider of prepaid payment solutions, on securing the first – and so far only – payment services concession in Austria.

The Austrian Payment Services Act (Zahlungsdienstegesetz, ZaDiG) permits non-banks to conduct payment services on the basis of a license. The EU Payment Services Directive (PSD), creating a single market in payments, was implemented into Austrian law on 1 November 2009. The PSD aims to create harmonized conditions for payment services and to open up the market to a broader range of payment services providers. In Austria, payment services licenses are granted by the national Financial Market Authority (Finanzmarktaufsicht, FMA).

paysafecard.com Wertkarten Vertriebs GmbH, an Austrian subsidiary of paysafecard.com Wertkarten AG, retained Wolf Theiss to advise it in the process of obtaining an Austrian payment services license. The project was led by Richard Wolf, Partner, and Andrea Gritsch, Senior Associate. Wolf Theiss supported paysafecard.com Wertkarten Vertriebs GmbH throughout the entire complex licensing process, leading to the successful securing of the first – and to date only – payment services concession in Austria.

Michael Müller, CEO of paysafecard.com Wertkarten Vertriebs GmbH, explains that “as a result of the implementation of the PSD in Austria, not only we as leading provider of alternative online payment services benefit; our customers do, too. The payment services license is a major milestone for our company.”

Wolf Theiss Partner Richard Wolf adds: “Due to the new legislation this application meant an unprecedented situation for both the applicant and the FMA alike, with legal hurdles that had to be overcome. We worked very closely with our client throughout this process and were ultimately able to convince the FMA on all points. We are delighted that our client has been granted the first payment services concession in Austria as a result.”