PayPal arrives in San Marino: green light for payments
Central Bank of the Republic of San Marino announces that “today PayPal (Europe) S.à rl & Cie, SCA has been registered in the Register of Authorized Subjects and in the Register of Payment Service Providers as a PSP based in the European Union authorized to provide payment services in the Republic of San Marino under the regime of provision of services without establishment “.
Central Bank continues by explaining that “this registration – the first of a foreign financial operator operating in the Republic of San Marino – took place following the successful completion of a procedure authorized pursuant to Regulation no. 2020-04, initiated at the instigation of the Central Bank The Central Bank has further contacts with foreign payment service providers to consolidate existing relationships with San Marino economic operators in full compliance with the provisions. The payment services sector are part of the broader internationalization process of the San Marino financial system a fundamental prerequisite also for the balanced development of the real economy “.