In Germany, the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz - ZAG) covers the following payment services: deposits and withdrawals, direct debits, credit transfers, card payments with and without granting credit, financial transfer transactions, activities as an acquirer (merchant bank) or issuer (card-issuing bank), payment initiation services such as Paypal, and account information services. Anyone wishing to offer these services on a commercial basis requires a BaFin license.
