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PayRetailers receives licence from the Central Bank of Brazil

Monday 8 April 2024 14:48 CET | News

Payment processing solutions company PayRetailers has announced that it secured its approval from the Central Bank of Brazil (BC) to operate as a payment institution. 

As per the information detailed in the press release, PayRetailers receives 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 the additional authorisation, the company, which currently operates in more than 15 countries, is set to be able to provide new services to consumers based in Brazil and cross-border clients.

Payment processing solutions company PayRetailers has announced that it secured its approval from the Central Bank of Brazil (BC) to operate as a payment institution.

PayRetailers’ development strategy

With its operations started in Spain, PayRetailers is committed to democratising financial products, intending to simplify daily management. The company focuses on developing an online payment solution that connects global enterprises with their customers in Latin America via a secure and accessible network. Currently, PayRetailers covers the entire Latin American region, providing an extensive range of local payment systems that position the company as a partner to support the growth of international merchants in the region.

As of the current announcement, PayRetailers intends to offer increasingly improved services to its clients, following the standards imposed by the national regulator. Brazil represents a strategic market for PayRetailers, with the company aiming to further boost the payment sector and meet the demands of the local market. Additionally, the licence enables the fintech to directly serve local clients, as well as the new market of sports betting and online gaming following the regulation via Law No. 14.790/23. The new Brazilian legislation mentions that only institutions regulated and authorised by the BC can deliver transactional services to authorised gaming operators.

Furthermore, the payment institution licence solidifies business outside Brazil, providing, as a regulated institution, functioning parameters comparable to similar licences issued in the EU or the US. The move is set to allow PayRetailers to receive additional capabilities to expand and solidify collaborations with cross-border clients. The company can now include wallets and digital banking, accept cards, and increase the range of new payment opportunities.

According to its data, PayRetailers processed in 2023 via partners nearly USD 5 million in transactions for cross-border clients in Brazil. Every month, the local operation processes more than 12 million PIX transactions for their clients. With the newly acquired licence, PayRetailers intends to expand its share in the local market by providing direct cross-border operations.

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Keywords: mobile payments, online payments, MPI licence, cross-border payments, cross-border logistics
Categories: Payments & Commerce
Companies: Central Bank of Brazil, PayRetailers
Countries: Brazil
This article is part of category

Payments & Commerce

Central Bank of Brazil

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PayRetailers

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