This Regulation applies to transfers of funds in any currency sent or received by a payment service provider or an intermediary payment service provider established in the Union, and to transfers of crypto-assets, including via crypto-ATMs, where the crypto-asset service provider or the intermediary crypto-asset service provider of either the originator or the beneficiary has its registered office in the Union. It does not apply to the services listed in Article 3, points (a) to (m) and point (o), of Directive (EU) 2015/2366, and it exempts transfers effected by a payment card, an electronic money instrument, a mobile phone or similar device used exclusively to pay for goods or services where the device number accompanies all transfers; the Regulation does apply when such devices are used to effect transfers between natural persons acting as consumers for non-commercial purposes.

Exemptions also cover persons whose sole activity is converting paper documents into electronic data under contract with a payment service provider, or providing messaging, transmission support or clearing and settlement systems. The Regulation does not apply where the payer withdraws cash from their own payment account; where the transfer is to a public authority for taxes, fines or other levies within a Member State; where both payer and payee are payment service providers acting on their own behalf; or where transfers are carried out through cheque image exchanges, including truncated cheques. For crypto-assets it does not apply where both originator and beneficiary are crypto-asset service providers acting on their own behalf or where transfers are person-to-person without involvement of a crypto-asset service provider. Electronic money tokens as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114 are treated as crypto-assets. A Member State may decide not to apply the Regulation to domestic transfers to a payee’s payment account permitting payment exclusively for goods or services if the payee’s payment service provider is subject to Directive (EU) 2015/849, can trace the transfer by means of a unique transaction identifier to the person who has an agreement with the payee for the provision of goods or services, and the amount does not exceed EUR 1 000.