Global payments platform, Paysafe, has received approval from the Central Bank of Brazil (BCB) for a Payment Institution (PI) License for the country’s launch of its regulated online sports betting and gambling market.
The license allows Paysafe to expand its payment partnerships with iGaming operators into Latin America’s most populated country as well as support Brazilian merchants in a range of other industries with eCommerce payments.
The PI License enables Paysafe, which also recently joined the Brazilian Association of Fintechs to deepen its substantial footprint in the regulated LatAm iGaming space. The 90+ regulated global iGaming jurisdictions where Paysafe currently has a presence include Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico and, most recently, Peru.
By partnering with Paysafe, Brazilian operators can offer their customers Skrill and NETELLER, the most established digital wallets developed specifically for iGaming, as well as a range of other alternative payment methods (APMs) via Paysafe’s SafetyPay payment gateway, including instant bank transfers using BCB’s Pix payment system.
Rob Gatto, CRO at Paysafe, says: “We are delighted to bring our deep payments, regulatory and compliance experience into play in this important new market to support Brazilian operators’ growth with our payment solutions following our new payment institution license, which will also allow us to streamline online transactions for local travel and entertainment merchants.”
