With this authorization, the fintech reinforces its solidity and is able to offer new services to Brazilian consumers and cross-border clients.
São Paulo, April 2024 – PayRetailers, one of the leading fintechs in payments in Latin America, has received approval from the Central Bank of Brazil (BC) to operate as a payment institution (PI) in the categories of electronic money issuer and acquirer. With this authorization, the Group, which operates in more than 15 countries, will be able to offer new services to Brazilian consumers and cross-border clients.
PayRetailers will also be able to provide increasingly better services to its clients, following the strictest standards of the national regulator. Brazil is a strategic market for PayRetailers, and with this achievement, the company is poised to further boost the payments sector and meet the needs of the local market.
With this license, the fintech now has authorization to directly serve local clients and the new market of sports betting and online gaming, in accordance with the regulation via Law No. 14.790/23. Under the new Brazilian legislation, only institutions regulated and authorized by the BC can provide transactional services to authorized gaming operators.
The PI license also strengthens business outside Brazil, offering, as a regulated institution, operating parameters comparable to similar licenses issued in the European Union or the United States. This move opens up a range of new opportunities which expand and strengthen partnerships with cross-border clients. PayRetailers can now have wallets and digital banking, accept cards, and increase the range of new payment opportunities.
In 2023, the Group processed, through partners, BRL 27 billion in transactions for cross-border clients in Brazil. Monthly, the local operation processes over 12 million PIX (Brazilian instant payment system) transactions for these clients. With the license, PayRetailers aims to increase its share in the local market by offering direct cross-border operations.
