Paysafe, a global payments platform, has received approval from the Central Bank of Brazil (BCB) for a Payment Institution (PI) licence. This approval allows Paysafe to expand its presence in Brazil, supporting the country’s burgeoning online sports betting and gambling market. The licence also positions Paysafe to offer payment solutions for a variety of other eCommerce industries in Brazil, further solidifying the company’s footprint in Latin America.
The PI licence provides Paysafe with the opportunity to deepen its significant presence within the regulated iGaming sector across Latin America. Brazil, with a population of 212 million and projected sports-betting turnover of $34 billion by 2028, is set to become the largest iGaming market in the region. Paysafe is well-positioned to take full advantage of this market potential, having already established partnerships with leading international operators in other Latin American countries. With the new licence, Paysafe will be able to offer tailored payment solutions to meet the diverse needs of Brazilian customers and businesses.
As part of its expansion into Brazil, Paysafe will offer its renowned digital wallets, Skrill and NETELLER, which are widely used in the global iGaming industry. These wallets are designed to provide seamless and secure transactions for online gamblers, offering a safe and efficient way to deposit and withdraw funds. In addition to these popular digital wallets, Paysafe’s SafetyPay payment gateway will give Brazilian customers access to a variety of alternative payment methods (APMs), including instant bank transfers through the Brazilian Central Bank’s Pix payment system. This wide range of payment options ensures that local consumers will have the flexibility to choose their preferred method of payment, whether they are participating in online sports betting, gaming, or eCommerce.
The PI licence also enables Paysafe to support Brazilian merchants in other sectors, including eCommerce, travel, entertainment, and digital content. With Brazil’s rapidly expanding digital economy, the demand for secure and efficient payment solutions continues to grow. Paysafe’s comprehensive suite of APMs provides a strong foundation for businesses looking to engage with Brazil’s tech-savvy consumers, offering them a seamless payment experience.
Rob Gatto, Chief Revenue Officer at Paysafe, highlighted the importance of this expansion: “With the approval of our PI licence, we are excited to support the growth of Brazil’s online gaming and eCommerce industries. Brazil is poised to become the third-largest betting jurisdiction globally, and we are proud to bring our extensive payment solutions, regulatory expertise, and compliance experience to help operators navigate this exciting new market.”
Paysafe’s presence in Brazil further strengthens its position as a global leader in payments. The company’s success in other regulated iGaming markets, including Argentina, Mexico, and Puerto Rico, has allowed it to build strong relationships with operators and regulators across Latin America. Paysafe’s entry into Brazil signals the beginning of a new chapter in the country’s rapidly growing iGaming sector, with the company poised to provide the payments infrastructure needed to support operators and players alike.
Paysafe is committed to continuing its expansion in Brazil and Latin America, helping both iGaming operators and eCommerce businesses leverage its suite of innovative payment solutions to unlock new growth opportunities. With Brazil on the cusp of becoming a major global player in iGaming, Paysafe’s strategic investments in the region will ensure it remains at the forefront of the industry, driving success for its partners and customers.
