Fintech & payments regulation in France (2026)
Fintech and digital payments in France: licensing regime.
France operates a full, mature licensing regime for digital payments and fintech. Payment institutions, e-money institutions and account information/payment initiation service providers are authorised and supervised by the ACPR under the Code monétaire et financier, which implements the EU PSD2/EMD2 framework, with the Banque de France advising on payment-system security. The country is actively applying the EU Instant Payments Regulation (2024/886) and, from 20 November 2026, will extend consumer-credit rules to BNPL/paiement fractionné products under a September 2025 ordinance transposing EU Directive 2023/2225.
Legal framework
French Monetary and Financial Code (Code monétaire et financier), transposing EU PSD2 (Directive 2015/2366) via Ordonnance n° 2017-1252 and the E-Money Directive 2 (2009/110/EC). The Autorité de contrôle prudentiel et de résolution (ACPR), attached to the Banque de France, is the sole competent authority for licensing and prudential supervision of credit institutions, payment institutions (PIs), electronic money institutions (EMIs) and account information service providers (AISPs).
How to get an EMI license in France
To provide electronic-money or payment services in France you need authorisation as an Electronic Money Institution (EMI), supervised by the Autorité de contrôle prudentiel et de résolution (ACPR), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
- Authority
- the Autorité de contrôle prudentiel et de résolution (ACPR)
- License required
- authorisation as an Electronic Money Institution (EMI)
- Framework / law
- the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2)
- Minimum capital
- €350,000 initial capital for a full (Authorised) EMI; a lighter Small EMI regime exists below an average €5m of outstanding e-money
- Timeline
- roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete
- Cost
- application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs
- Passporting
- Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
What an EMI license in France covers
- Issuing electronic money and maintaining payment accounts
- Executing payment transactions: credit transfers, direct debits and card payments
- Issuing and/or acquiring payment instruments
- Money remittance
- Payment initiation services (PIS)
- Account information services (AIS)
Step by step: getting an EMI license in France
Incorporate in the member state and establish real local substance (registered office and part of the business conducted there).
Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies.
Deposit and evidence the €350,000 initial capital.
Submit the application to the national competent authority.
The authority has three months from a complete application to grant or refuse.
On authorisation you are entered in the national and EBA registers, then passport into other EEA states before serving them.
Documents required in France
- Programme of operations listing each payment service you will provide
- Business plan with a three-year budget forecast
- Evidence of the €350,000 initial capital
- Governance arrangements and internal-control mechanisms
- AML/CFT policy and appointment of a compliance officer
- Safeguarding arrangements for client funds (segregated account or insurance)
- Security policy, incident management and ICT resilience procedures
- Fit-and-proper documentation for directors and qualifying shareholders
- Description of any outsourcing, agents or distributors
- Professional indemnity insurance where you provide PIS or AIS
Ongoing obligations in France
- Maintain own funds under the applicable calculation method (A, B or C)
- Safeguard client funds at all times, segregated or insured
- Apply strong customer authentication (SCA) under PSD2
- Run continuous AML/CFT monitoring and reporting
- Report major operational and security incidents to the regulator
- Submit annual audited accounts and periodic regulatory reporting
Key points: digital payments & fintech in France
Competent authority — ACPR
The ACPR, an independent administrative authority attached to the Banque de France, licenses and supervises payment institutions, EMIs, credit institutions and finance companies; the Banque de France issues an opinion on the security of means of payment before any payment-services licence is granted.
PI, EMI and simplified regime
Payment institutions and EMIs must obtain an ACPR licence under the Code monétaire et financier (initial capital typically €20k–€350k depending on services); Article L.522-11-1 provides a simplified PI licence for firms whose monthly average payment volume does not exceed €3 million and that do not offer money remittance.
PSD2 & open banking
PSD2 was transposed into French law by Ordonnance n° 2017-1252 (Dec 2017); the ACPR supervises AISPs and PISPs, banks must expose dedicated PSD2 interfaces, and most French banks use the STET API standard alongside the Berlin Group NextGenPSD2 framework. Strong Customer Authentication (SCA) under the PSD2 RTS has been mandatory for remote card payments in the EEA since 15 May 2021.
Instant-payment rails (SCT Inst / IPR)
Retail instant payments in France run on the SEPA Instant Credit Transfer scheme via clearing house STET; EU Regulation 2024/886 (Instant Payments Regulation) obliges euro-area PSPs to receive SCT Inst from 9 January 2025 and to send SCT Inst from 9 October 2025, with charges no higher than standard SCT and mandatory verification of payee (IBAN/name check).
BNPL / paiement fractionné
Ordonnance of September 2025 transposes EU Directive 2023/2225 (revised Consumer Credit Directive) into French law with application from 20 November 2026, extending consumer-credit rules (creditworthiness checks, disclosures, right of withdrawal) to mini-loans, short-term credit under three months and instalment products up to €100,000 — closing the historical BNPL carve-out.
Crypto adjacency — MiCA transition
Beyond the payments perimeter, the AMF (with ACPR opinion) handles crypto-asset service providers: the French PSAN regime is being replaced by the EU MiCA CASP authorisation, with the transitional period for existing PSANs to obtain CASP status expiring on 1 July 2026, aligning fintechs offering fiat-plus-crypto products with the ACPR PI/EMI licence.
EMI license in France: FAQ
Do you need a license to run an e-money business in France?
Yes. To provide electronic-money or payment services in France you need authorisation as an Electronic Money Institution (EMI), supervised by the Autorité de contrôle prudentiel et de résolution (ACPR), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
Which authority issues EMI licenses in France?
The Autorité de contrôle prudentiel et de résolution (ACPR).
How much does an EMI license cost in France?
Application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs.
How long does it take to get an EMI license in France?
Typically roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete.
What documents do you need for an EMI license in France?
The application file centres on programme of operations listing each payment service you will provide; business plan with a three-year budget forecast; evidence of the €350,000 initial capital; governance arrangements and internal-control mechanisms; plus fit-and-proper evidence for directors and qualifying shareholders.
What is the application process for an EMI license in France?
Incorporate in the member state and establish real local substance (registered office and part of the business conducted there). Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies. The authority then assesses the file and, once authorised, you can begin operating.
Does an France EMI license work in other EU/EEA countries?
Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
Timeline of decisions
- Law · officialMiCA CASP authorisation regime becomes applicable; AMF opens applications
From this date any firm offering crypto-asset services in the EU must be authorised as a Crypto-Asset Service Provider, with the AMF as France's competent authority. Providers active under prior national law get an 18-month transition to 1 July 2026.
AMF
- Law · officialOrdinance 2017-1252 transposes PSD2 into French law
France implemented the EU's second Payment Services Directive, creating the account information service provider (AISP) status, bringing payment-initiation services into the payment-institution regime, and opening accounts to third parties (open banking). It entered into force 13 January 2018 and was ratified by Law 2018-700.
Légifrance
- Law · officialLaw 2013-100 transposes EMD2, creating electronic money institution status
France belatedly transposed Directive 2009/110/EC, establishing a standalone electronic-money-institution licence (Art. L.315-1) and ending credit institutions' monopoly on issuing e-money. The ACPR became the licensing and prudential authority for EMIs.
ACPR (Banque de France)
- Law · officialOrdinance 2009-866 transposes PSD1, creating the payment institution licence
France's transposition of the first Payment Services Directive (2007/64/EC) introduced the payment institution status, allowing non-banks to provide payment services under ACPR authorisation and EU passporting. This is the foundation of today's licensed-payments framework.
ACPR (Banque de France)
Sources
- acpr.banque-france.fr/en/authorisation/banking-industry-procedures/licensing-authorisation-
- acpr.banque-france.fr/en/authorisation/banking-industry-procedures/licensing-authorisation-
- banque-france.fr/en/financial-stability/financial-stability-mandate/oversight-financia
- banque-france.fr/en/monetary-strategy/national-payments-committee/payments-faq
- acpr.banque-france.fr/fr/publications-et-statistiques/publications/lopen-banking-en-france
- europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer
- powens.com/blog/bnpl-europe-france-regulation/
- nortonrosefulbright.com/en/knowledge/publications/397bf640/buy-now-pay-later-regulation-aroun
- chambers.com/articles/fintech-laws-and-regulations-in-france
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