Nuvei to Expand in Brazil with Pay2All Acquisition
Nuvei has entered into a deal to acquire Pay2All Instituição de Pagamento, a Brazilian payment system licensed and authorized by the Central Bank of Brazil.
With the acquisition, Nuvei aims to position itself as a leading payment provider in Brazil's iGaming market. (Source: Lara Jameson, Pexels)
LISTEN TO THIS ARTICLE:With the acquisition, Nuvei will be able to provide a comprehensive suite of payment services in Brazil, including payment acceptance, instant payment processing, and management of electronic wallets and betting accounts.
The agreement underscores Nuvei's commitment to expanding its global footprint as it seeks to strengthen its foothold in the Latin American market. Additionally, the company aims to position itself as a leading payment solutions provider for the eCommerce landscape and expanding iGaming industry in Brazil.
Securing a Payment Institution license in Brazil has been a top priority, and will mark another significant milestone in our global expansion strategy. The proposed transaction not only strengthens our presence in LatAm but also demonstrates our commitment to providing fully localized and modern payment solutions to businesses in Brazil. We're excited to offer our full suite of services to help drive growth for the rapidly growing eCommerce and iGaming operators in this dynamic market.
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Brazil Online Gambling Takes Shape
The Brazilian iGaming sector is poised for explosive growth, with revenues expected to reach $1.97 billion by 2024. The market is also projected to maintain an annual growth rate of 15.39% until 2029.
Last week, Brazil's federal gambling authority, the Secretariat of Prizes and Betting (SPA) submitted Ordinance No. 1,207 to the government. This document details the technical requirements for operating online games and live dealer studios under Law No. 14.790 (Betting Law), which provides the regulatory framework for the Brazilian Bets Market.
This development signifies the near completion of Brazil's federal online gambling market launch as the SPA prepares to publish the final Phase-4 ordinance focusing on "Responsible Gambling and Social Purpose.“
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