Brazil is recognised as one of the fastest growing markets in LATAM in terms of digitalisation and alternative payment methods. With around 34 million unbanked adults in the country, Brazil managed to increase its financial inclusion rates by providing a series of alternative payment methods which are safe and fast. Zro Bank and IP4Y are some of the latest fintechs to join the digitalisation wave of the LATAM country, but others followed quickly.
Entrepay, a local fintech headquartered in Sao Paolo, also received an accreditor license, with a share capital of BRL 351.7 million (approximately USD 70.3 million). At the same time, Empresa Brasileira de Beneficios e Pagos was authorised as an electronic money issuer and a postpaid payment instruments issuer.
The current wave of authorisations by the Central Bank shows the government’s commitment to improving the digital payments system across the country and determine more people to take into account alternative payment methods apart from cash, which will further drive financial inclusion.
Zro Bank is a multi-currency payment platform offering innovative financial services to other businesses across Brazil. Its main solutions revolve around PIX, remittances, cryptocurrencies, and other payment methods, including credit and debit cards, as well as digital wallets. Since its inception Zro Bank has processed over 50,000 PIX transactions per minute and counted for more than BLR 20 billion transacted.
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