The Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz - ZAG) distinguishes between payment service providers and payment institutions. According to the ZAG, payment institutions are "all companies that provide payment services on a commercial basis or to an extent that requires a business operation set up in a commercial manner." Payment service providers, also known as payment service providers (PSPs), include credit institutions and e-money institutions in addition to payment institutions.
