Paysafe Receives License to Enter Brazil’s iGaming Market
Paysafe, one of the world’s leading global payments platforms, has received approval from the Central Bank of Brazil (BCB) for a payment institution (PI) license.
Paysafe approved for PI license in Brazil.
LISTEN TO THIS ARTICLE:The license will allow Paysafe to enter Brazil’s regulated online sports betting and gambling market while expanding payment solutions for merchants across various sectors, including eCommerce.
Paysafe Joins Brazilian Association of Fintechs
Paysafe recently joined the Brazilian Association of Fintechs (ABFintechs) in a demonstration of its commitment to the region. Furthermore, with the license, Paysafe can form payment partnerships with big iGaming operators in Brazil, Latin America’s largest market. Additionally, the company will offer payment support to Brazilian merchants in industries such as travel, entertainment, and digital content creation.
The approval allows Paysafe to further its presence in Latin America’s regulated iGaming sector, where it already operates in over 90 jurisdictions, including Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and Peru.
Brazil, with its population of 212 million and an estimated sports-betting turnover of $34 billion by 2028, is set to become the largest iGaming jurisdiction in Latin America. Paysafe is well-positioned to support this growth by making use of its global experience and offering payment solutions tailored to Brazilian preferences.
More Regulation News
Paysafe Brings Skrill and NETELLER to Brazil
Through its partnerships, Paysafe enables operators to provide Brazilian customers with popular casino payment options such as Skrill and NETELLER, along with alternative payment methods (APMs) via the SafetyPay gateway. This includes instant bank transfers powered by Pix, Brazil’s central bank-developed payment system.
Beyond iGaming, Paysafe’s PI license opens opportunities to streamline payments for eCommerce businesses, travel providers, and entertainment merchants in Brazil.
We’re 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.
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