Poland's KNF revokes mPay's license, forcing shutdown of payment services

Poland's financial watchdog, KNF, has stripped mPay of its payment services license, forcing the company to wind down its operations. The regulator cited concerns over the company's management of its payment services, deeming it insufficiently cautious and stable.

mPay is now under a strict deadline to dissolve all legal ties stemming from its payment service agreements with users. This process, along with settling obligations to business partners and agents, must be completed by September 30, 2026. Until then, the company is required to facilitate the withdrawal or transfer of funds for all account holders to other payment service providers.

The KNF's decision marks a significant setback for the Polish fintech sector, highlighting the stringent regulatory oversight applied to payment institutions. The company's failure to meet management standards has led to a complete cessation of its licensed activities.

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Spółka nie zapewnia ostrożnego i stabilnego zarządzania działalnością w zakresie usług płatniczych, a tym samym zachodzą przesłanki cofnięcia jej zezwolenia na świadczenie usług płatniczych w charakterze krajowej instytucji płatniczej.