The company will provide alternative payment methods (APMs) through its SafetyPay payment gateway, such as instant bank transfers using BCB’s Pix payment system. Credit: WINEXA/ Shutterstock.

Payments platform Paysafe has secured a payment institution (PI) licence from the Central Bank of Brazil (BCB), helping it enter the Brazilian iGaming and online sports-betting market.

The licence allows the company to strengthen its regulated Latin American iGaming space, where it already operates in over 90 jurisdictions, including Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and Peru.

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With the new licence, Paysafe can now leverage its established partnerships with international operators and offer payment options to the Brazilian market.

Paysafe has recently also become a member of the Brazilian Association of Fintechs (ABFintechs).

Paysafe’s offerings in Brazil will include its digital wallets, Skrill and NETELLER, tailored for the iGaming sector.

Additionally, the company will provide alternative payment methods (APMs) through its SafetyPay payment gateway, such as instant bank transfers using BCB’s Pix payment system.

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This expansion also enables it to support Brazilian eCommerce, travel, entertainment, and digital content creators with its comprehensive APM solutions.

Paysafe chief revenue officer Rob Gatto said:  “With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated Brazilian iGaming market, which will mark a new era for not only Latin American gaming but also the global space, with the country becoming the third largest betting jurisdiction on earth.

“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 licence, which will also allow us to streamline online transactions for local travel and entertainment merchants.”    

In November last year, Paysafe collaborated with German retail bank Deutsche Bank.

This partnership will utilise Paysafe’s barcode solution, Paysafecash (known as “viacash” in Germany), allowing banking customers to deposit and withdraw cash from their accounts.