Payretailers Obtains Payment Institution License From Brazil Central Bank
- The authorization allows PayRetailers to provide new services to consumers based in Brazil and cross-border clients, further expanding its presence in the Latin American region.
- The license also enables the fintech to directly serve local clients, including the newly regulated sports betting and online gaming market in Brazil, following the enactment of Law No. 14.790/23.
PayRetailers, a Spain-based payment processing solutions company, has announced that it has obtained approval from the Central Bank of Brazil (BC) to operate as a payment institution (PI) in the categories of electronic money issuer and acquirer. The authorization enables the company to offer new services to consumers based in Brazil and cross-border clients, solidifying its presence in the Latin American region.
With a focus on developing an online payment solution that connects global enterprises with their customers in Latin America, PayRetailers currently operates in more than 15 countries, providing an extensive range of local payment systems. The company aims to democratize financial products and simplify daily management for its clients.
Brazil represents a strategic market for PayRetailers, with the company seeking to further boost the payment sector and meet the demands of the local market. The license also allows the fintech to directly serve local clients, including the newly regulated sports betting and online gaming market in Brazil, following the enactment of Law No. 14.790/23. The new Brazilian legislation mandates that only institutions regulated and authorized by the BC can deliver transactional services to authorized gaming operators.
Moreover, the payment institution license strengthens PayRetailers’ business outside Brazil, providing functioning parameters comparable to similar licenses issued in the EU or the US. This move allows the company to receive additional capabilities to expand and solidify collaborations with cross-border clients, including the inclusion of wallets, digital banking, card acceptance, and an increased range of new payment opportunities.
According to PayRetailers’ data, the company processed nearly USD 5 million in transactions for cross-border clients in Brazil via partners in 2023, with the local operation processing more than 12 million PIX transactions for their clients every month. With the newly acquired license, PayRetailers aims to expand its share in the local market by providing direct cross-border operations, further cementing its position as a key player in the Latin American payment processing sector.
