On 22 November 2021, the European Central Bank’s Governing Council approved a new oversight framework for electronic payments.

The Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (PISA framework) includes an assessment methodology and an exemption policy. It replaces the current Eurosystem oversight approach for payment instruments and complements the Eurosystem’s oversight of payment systems.

In addition to the Eurosystem using the new framework to oversee companies enabling or supporting the use of payment cards, credit transfers, e-money transfers, digital payment tokens and direct debits, the PISA framework will also cover crypto-asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets via an electronic wallet.