E-commerce has made great strides in recent years and several companies offering payment services are currently based in Luxembourg.
The services offered vary from the provision of a payment infrastructure to the retail, catering and hotel industries to services enabling payments between individuals. It also includes facilitation of secure credit and debit card transactions, both nationally and internationally.
Other services include automatic currency conversion in sales outlets, the processing of electronic gift tokens or money-off vouchers, as well as recharging mobile phone pre-paid cards.
Payment firms are governed by the law of 10th November 2009, which transposed the EU Directive on payment services into national law.