Global payments platform, Paysafe will now be able to expand its payment partnerships in Latin America (LatAm) to iGaming operators following approval from the Central Bank of Brazil (BCB) for a payment institution licence.
In addition to partnering with more operators, the new licence will enable Paysafe to support Brazilian merchants in a range of other industries with e-commerce payments. This further solidifies Paysafe’s footprint in the region, and specifically the LatAm iGaming space, having just recently joined the Brazilian Association of Fintechs (ABFintechs),
The 90+ regulated global iGaming jurisdictions where Paysafe currently has a presence include Argentina, Colombia, Mexico, Panama, Paraguay and Puerto Rico. Most recently, Peru also joined the list, with its new regulated market going live in early 2024.
Rob Gatto, chief revenue officer at Paysafe
“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,” said Rob Gatto, chief revenue officer at Paysafe.
A booming landscape
With a population of 212 million and a projected sports-betting turnover of $34 billion by 2028, Brazil is expected to eclipse all other Latin American jurisdictions in size – and Paysafe is strongly positioned to support the market’s growth potential. In addition to being able to extend its established partnerships with leading international operators into Brazil,
Paysafe offers a suite of payment choices catering to Brazilians’ diverse payment preferences. This choice has put it into the perfect position to capitalise on a sports-betting market which is projected to have a $34billion turnover by 2028.
By partnering with Paysafe, Brazilian operators can offer their customers Skrill and NETELLER, established digital wallets developed specifically for iGaming, as well as a range of other alternative payment methods (APMs) via Paysafe’s SafetyPay payment gateway, including instant bank transfers using BCB’s Pix payment system.
Beyond online sports-betting and iGaming, Paysafe’s PI licence allows the company to support Brazilian e-commerce, travel and entertainment merchants as well as digital content creators with its suite of APMs.
Gatto added: “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.”
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