In the light of the principle 'same activity, same risks, same rules', the new legal framework for carrying out payment services within the EU provides for a single license which will have to be chosen keeping in mind the scope of the activities of the provider.
For carrying out only the payment services listed in the annex of the Payment Services Directive 2007/64/EC (the PSD), the license of 'payment institution' would be required. In cases where the legislation of a Member State has provided for this option (see http://ec.europa.eu/internal_market/payments/docs/framework/transposition/options_en.pdf), a waiver under Article 26 of the PSD might be granted. At the same time, as stated in recital 9 of the PSD "payment institutions should not be allowed to issue electronic money".
Once the provisions of the new E-Money Directive 2009/110/EC (the EMD) have been implemented in the domestic law of Member States, these institutions will be able, under a single license, not only to issue e-money but also to carry out some or all of the payment services listed in the annex of the PSD and carry out, if they wish so, any other business activity. But the reciprocal is not valid, therefore payment institutions that want to provide services under the EMD must apply for an authorization.