With the growth of global trade and the spread of the internet, the need for payment services and money transmission services has increased tremendously. This increase is also partly fuelled by the growth of e-commerce and plastic and virtual card usage which requires a third-party platform for the collection of the payment.
This growth has led to an increase in the number of companies providing payment gateway, payment collection, money transfer, and virtual wallet services to the customers, all of which are classified as payment services providers. But, entry to the sector is highly regulated due to the fear of money laundering and illegal activities and nations have imposed strict licensing regimes for undertaking business in this high growth industry.
The primary requirement for starting a business in this sector is forming a strong business plan and registration of a company for the business with the required capital. This needs to be followed up with Bank accounts and bank linkages for running the business. A favorable jurisdiction and support from banks are extremely crucial for the business to succeed.
The entire permission process can be highly regulated by countries and can be extremely complex. Empire with its global expertise can assist you through the entire procedure after understanding your needs.