Order on Pricing Models for Certain Types of Payment Instruments

Pursuant to Section 123, subsections 4 and 5, of the Payments Act, cf. Statutory Order No. 651 of 10 June 2025, it is hereby prescribed:

Chapter 1

Scope and Definitions

Section 1. This Order sets out the detailed rules regarding which pricing models providers of certain types of payment instruments must use, and how the payment by payment recipients under these pricing models shall be calculated, cf. Section 123, subsections 4 and 5, of the Payments Act.

Subsection 2. This Order applies to payment transactions in physical trade when the payment transaction is settled with a payment instrument equipped with a chip covered by Section 7, item 18, of the Payments Act.

Subsection 3. This Order applies only to national payment card schemes if their use covers a significant part of the total number of transactions in Denmark.

Subsection 4. This Order does not apply to payment instruments used in the implementation of credit transactions.

Subsection 5. This Order applies only to acquirers who have annually acquired more than 375 million transactions in physical trade with the relevant national payment card scheme in the calendar years covered by the cost investigation, cf. Section 8, subsection 2.

Section 2. In this Order, the following definitions apply:

1. Acquirer: A provider of payment services that has entered into an agreement with a payment recipient regarding the receipt and processing of payment transactions with a view to transferring funds to the payment recipient.

2. Credit transaction: A card-based payment transaction where the transaction amount is fully or partially debited to the payer on a predetermined date in a calendar month in accordance with a pre-established credit facility, with or without interest.

3. National payment card scheme: A common set of rules, practices, standards and/or implementation guidelines for card-based payment transactions, which is separate from any infrastructure or any payment system underlying the operation of the scheme, and which includes decision-making bodies, organizations or entities responsible for the operation of the scheme, and which is essentially only received in Denmark.

4. Physical trade: Settlement of a payment transaction that requires the physical presence of the payer at the payment recipient. This includes, among other things, assisted sales and self-scanning checkout counters in supermarkets.

5. The parties behind the commercial agreements for a payment instrument: Acquirers and the organizations representing the interests of payment recipients in connection with the negotiation of agreements for a payment instrument.

6. Average transaction value: The average sum of the value of the transactions covered by this Order calculated over the last 4 quarters.

7. Cumulative deviation: The continuously calculated sum of annual deviations between the payment recipients' actual total payment in a calendar year and the maximum payment in the most recent cost investigation.

Chapter 2

Pricing Model and Calculation of Payment

Section 3. The payment recipient, cf. Section 7, item 11, of the Payments Act, pays a subscription or a percentage rate to cover the costs of operating a payment system, cf. Section 7, item 13, of the Payments Act.

Subsection 2. The payment recipient may choose between the pricing models set out in Sections 5 and 6 below when the payment recipient enters into an agreement with the acquirer regarding the receipt of the relevant payment card.

Subsection 3. The payment recipient may, at minimum, choose to switch between the pricing models in Sections 5 and 6 every quarter with a notice period of at most one month to the acquirer.

Section 4. The payment under the pricing models in Sections 5 and 6 is divided into 10 intervals. These intervals are divided according to the number of transactions that the payment recipient has had in the last four quarters, cf. Annex 1.

Section 5. The payment recipient pays a subscription to cover the costs of operating the payment system, subject to the option to choose as provided in Section 3, subsections 2 and 3.

Subsection 2. The maximum annual subscription per interval for payment recipients with an average transaction value of less than or equal to DKK 210 is set out in Annex 2.

Subsection 3. The maximum annual subscription per interval for payment recipients with an average transaction value of more than DKK 210 is set out in Annex 3.

Subsection 4. If an acquirer agrees with a payment recipient on a price below the maximum price, cf. subsections 2 and 3, the discount provided may not be financed via charges from other payment recipients, cf. Section 10, subsection 2.

Section 6. The payment recipient alternatively pays a percentage rate to cover the costs of operating the payment system, cf. the option to choose in Section 3, subsections 2 and 3.

Subsection 2. The maximum percentage rate per interval is set out in Annex 4.

Subsection 3. If an acquirer agrees with a payment recipient on a price below the maximum price, cf. subsection 2, the discount provided may not be financed via charges from other payment recipients, cf. Section 10, subsection 2.

Section 7. If the parties behind the commercial agreements for a payment instrument agree, they may submit a proposal to the Minister for Industry, Business and Financial Affairs for a change in the number of intervals and subscription per interval or percentage rates.

Subsection 2. The proposal from the parties behind the commercial agreements for changes, cf. subsection 1, must be signed by all parties behind the commercial agreements for a payment instrument.

Chapter 3

The Sum of Payments

Section 8. The Danish Business Authority conducts a cost investigation of the costs of operating a payment system every other year.

Subsection 2. The cost investigation is conducted in odd-numbered calendar years and covers the costs of operating a payment system for the preceding calendar year, subject to subsections 3 and 4.

Subsection 3. The Danish Business Authority does not conduct a cost investigation in 2025.

Subsection 4. The Danish Business Authority may assess that costs of operating a payment system should be projected if the relevant companies can prove that certain operating costs in the next two calendar years will be significantly higher than those established for the years forming the basis for the cost investigation, cf. subsection 2. The projection is based on the expected costs in the next two calendar years.

Section 9. The total maximum sum of payments in the individual calendar year is set by the Danish Business Authority based on the costs established by the most recent cost investigation conducted under Section 8.

Subsection 2. In 2026, the maximum sum of payments is set based on the investigation of the costs of operating the payment system in 2022, subject to Section 8, subsection 4.

Subsection 3. The total annual sum of payments in a payment system for the covered acquirers in the individual calendar year must not be higher than the costs (100 pct.) of operating a payment system established by the most recent cost investigation, cf. Section 8, subsection 4 and Section 10.

Section 10. The final subscription rates and percentage rates in a calendar year may deviate from the rates specified in Section 5, subsections 2 and 3, and Section 6, subsection 2, if the sum of the actual payments is greater or less than the maximum sum of payments assumed under Section 9.

Subsection 2. If the actual total sum of payments plus any discounts provided in accordance with Section 5, subsection 4, and Section 6, subsection 3, in a calendar year is greater or less than assumed under Section 9, this is included in the cumulative deviation.

Subsection 3. If the cumulative deviation constitutes an overcharge compared to the most recently set maximum sum of payments, the acquirer must reduce the subscription rates and percentage rates for the following calendar year, cf. subsection 2, such that the acquirer does not carry forward a cumulative overcharge compared to the most recently set maximum sum of payments in the following calendar year. The acquirer must reduce all subscription rates and percentage rates in the set intervals proportionally and equally.

Subsection 4. If the cumulative deviation constitutes an undercharge compared to the most recently set maximum sum of payments, the acquirer may increase the subscription rates and percentage rates for the following calendar year, cf. subsection 2. The rates may not be increased more than to correspond to the cumulative undercharge, subject to subsection 5. The acquirer must increase all subscription rates and percentage rates in the set intervals proportionally and equally.

Subsection 5. The acquirer may carry forward a cumulative undercharge of up to 10 pct. compared to the most recently set maximum sum of payments in the following calendar year. If the acquirer does not increase the subscription rates and percentage rates for the following calendar year in accordance with subsection 4, the cumulative undercharge for the following calendar year is set to not more than 10 pct. compared to the most recently set maximum sum of payments.

Chapter 4

Billing etc.

Section 11. Payment recipients who pay a subscription to cover the costs, cf. Section 5, may choose whether the billing is to be made once per quarter or once per month. The payment recipient may choose to switch between monthly or quarterly billing with a notice period of at most one quarter to the acquirer. The billing is made retrospectively.

Subsection 2. Payment recipients who pay a percentage rate to cover the costs, cf. Section 6, are billed once per month retrospectively. The billing covers only transactions carried out in the most recently completed month. In cases where a payment recipient switches interval, and thus percentage billing due to a higher or lower number of transactions, the acquirer does not make an adjustment for the previous 12 months of billing.

Section 12. No later than simultaneously with the billing of payments for the first quarter of a calendar year, the acquirer must publish the new subscription rates under Section 5 and percentage rates under Section 6, as well as the expected total sum of payments under the pricing models in Sections 5 and 6 for the new calendar year.

Chapter 5

Supervision etc.

Section 13. The Danish Business Authority supervises compliance with Sections 3-13 of this Order.

Subsection 2. The Danish Business Authority may require the terms of the covered acquirers, including standard terms for the covered national payment card schemes, to be changed.

Subsection 3. The Danish Business Authority's other supervisory powers follow from Sections 145-146 of the Payments Act.

Chapter 6

Entry into Force

Section 14. This Order enters into force on 1 January 2026.

Subsection 2. Statutory Order No. 2163 of 18 December 2020 on pricing models for certain types of payment instruments pursuant to Section 123, subsections 4 and 5, of the Payments Act is repealed.

Ministry of Industry, Business and Financial Affairs, 3 December 2025

Morten Bødskov / Jakob Hald

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Annex 1

Intervals, cf. Section 4

Interval	Minimum number of transactions in the last 4 quarters	Maximum number of transactions in the last 4 quarters
1	0	499
2	500	4,999
3	5,000	9,999
4	10,000	24,999
5	25,000	49,999
6	50,000	99,999
7	100,000	199,999
8	200,000	399,999
9	400,000	799,999
10	800,000	-

Annex 2

Calculation of subscription rates, cf. Section 5, subsection 3

Annual subscription per interval for payment recipients with an average transaction value of less than or equal to DKK 210 per 1 January 2026

Subscription Interval	Min. number of transactions	Max. number of transactions	Price in DKK per year
1	0	499	1,447 DKK
2	500	4,999	2,313 DKK
3	5,000	9,999	9,321 DKK
4	10,000	24,999	9,982 DKK
5	25,000	49,999	18,377 DKK
6	50,000	99,999	26,376 DKK
7	100,000	199,999	46,084 DKK
8	200,000	399,999	92,438 DKK
9	400,000	799,999	144,709 DKK
10	800,000	-	290,736 DKK

Annex 3

Calculation of subscription rates, cf. Section 5, subsection 4

Annual subscription per interval for payment recipients with an average transaction value of more than DKK 210 per 1 January 2026

Subscription Interval	Min. number of transactions	Max. number of transactions	Price in DKK per year
1	0	499	1,994 DKK
2	500	4,999	3,123 DKK
3	5,000	9,999	12,583 DKK
4	10,000	24,999	13,476 DKK
5	25,000	49,999	24,809 DKK
6	50,000	99,999	35,608 DKK
7	100,000	199,999	62,213 DKK
8	200,000	399,999	124,791 DKK
9	400,000	799,999	195,357 DKK
10	800,000	-	392,494 DKK

Annex 4

Percentage rates per transaction, cf. Section 6, subsection 2

Interval	Min. number of transactions	Max. number of transactions	Percentage rate per transaction
1	0	499	0.50 %
2	500	4,999	0.45 %
3	5,000	9,999	0.35 %
4	10,000	24,999	0.25 %
5	25,000	49,999	0.22 %
6	50,000	99,999	0.22 %
7	100,000	199,999	0.20 %
8	200,000	399,999	0.20 %
9	400,000	799,999	0.17 %
10	800,000	-	0.17 %

At the end of the month, the acquirer calculates the total number of transactions that a payment recipient has had in the last 4 quarters. Based on this calculation, the acquirer determines which interval the payment recipient should be settled under. The acquirer then settles with the payment recipient according to the relevant interval, after which the relevant percentage rate is multiplied by the payment recipient's total transaction turnover in the current month.

In cases where a payment recipient switches interval, and thus percentage billing due to a higher or lower number of transactions, there is no adjustment for the previous 12 months of billing. Any change in the payment recipient's number of transactions, which causes the payment recipient to be settled under either a higher or lower interval, thus only affects the billing in the current month.