What would be required to become a Payment Service Provider for the full Middle East and North Africa region?
Payments
Asked by Question Bot06/Jun/20131 answer
1 Answer
F
Faisal Khan
Answered 06/Jun/2013
This depends on the country you choose within MEA region as your base of operation. Essentially your issue would be to have an online acquiring relationship with the banks in all the different currency regions. For example if you opt for Dubai, your acquiring bank may only provide you with AED processing capability. Likewise, you would need to work with an acquiring bank in Kuwait to process KD, and so on and so forth.
Some acquirers may be able to provide you with multiple currencies/BIN from the same region. You also need to be cognisant of how your settlement times will be affected (considering you would be doing cross-border settlements). This could potentially require you to be regulated as a designated money service business and/or a payment network.
Becoming a PSP is not inherently difficult. There are plenty of answers here on Quora that describe it. Your first issue to tackle would be the regulatory and settlement of funds.
Some acquirers may be able to provide you with multiple currencies/BIN from the same region. You also need to be cognisant of how your settlement times will be affected (considering you would be doing cross-border settlements). This could potentially require you to be regulated as a designated money service business and/or a payment network.
Becoming a PSP is not inherently difficult. There are plenty of answers here on Quora that describe it. Your first issue to tackle would be the regulatory and settlement of funds.