The Central Bank of Brazil has authorised the digital payments organisation, PagBrasil to operate as a payment institution (PI) in the electronic money issuer category.
This achievement marks a significant milestone for PagBrasil as the digital payments solutions market continues to grow. Testament to its success, PagBrasil was granted the licence in just six months time. It was able to achieve this by working efficiently to become compliant with the central bank’s requirements in addition to creating Pix extensions that benefit the financial well-being of Brazilian citizens and the tourism industry.
During its wait for the licence, PagBrasil introduced International Pix, which allows Brazilians to make Pix payments abroad, and Pix Roaming, which enables foreigners to use Pix while in Brazil to the Brazilian payments scene to enable tourists visiting Brazil and Brazilians travelling abroad to make payments using Pix Instant Payment.
In January 2025, Pix surpassed 171 million registrations, and more than 151 million people are active users (approximately 70 per cent of Brazil’s total population). Given that Pix is now responsible for 90 per cent of bank transactions in Brazil, PagBrasil is providing businesses and consumers with innovative means to leverage Pix in and outside of the country. Pix saves consumers and merchants exorbitant transaction fees, and merchants receive immediate payment rather than waiting up to 30 days for credit card payments.
Success with the new licence
The newly acquired PI licence enables PagBrasil to create additional innovative products, expanding and diversifying its current portfolio. The licence also permits these products to support transactions exceeding $10,000 and cash withdrawals abroad—a valuable feature in countries like Mexico, where physical currency is still widely used.
Alex Hoffmann, CEO and co-founder of PagBrasil
According to Alex Hoffmann, CEO and co-founder of PagBrasil, the Central Bank of Brazil has gained global recognition for fostering innovation of fintech products through regulatory sandboxes with reduced requirements. “The regulator allowed companies to develop certain financial products and services without needing a full licence, which, in recent years, has driven massive financial inclusion. However, there are indications that we are transitioning to a new regulatory stage as the market becomes more mature and less concentrated,” he explains.
“The PI licence is a testament to our strength, now officially recognised by the Central Bank. It opens important doors for product development and further solidifies the credibility PagBrasil has built over its 15-year history. With this milestone, we are even more committed to democratising access to financial services and addressing the needs of an increasingly connected world,” Hoffmann adds.
International Pix booms
The number of countries accepting PagBrasil’s International Pix has recently increased, thanks to collaboration with local partners, like B89. The Peruvian fintech company, dedicated to providing 100 per cent digital financial solutions, just announced it is partnering with PagBrasil to offer International Pix to merchants in multiple Latin American countries including Panama, Colombia, Peru, and Bolivia.
This allows Brazilian citizens, either tourists or residents, to pay in Brazilian reais with a guaranteed exchange rate at the time of purchase, eliminating uncertainty in exchange rate fluctuations.
Another International Pix partner is Wipay, a Spanish company specialising in payment technology, which has announced the arrival of the Pix Instant Payment System in Europe, in collaboration with PagBrasil. This collaboration between Wipay and PagBrasil will make transactions more convenient and cost-effective for Brazilian tourists in regions throughout Spain and Portugal, offering a unique experience during their stay.
PagBrasil continues expanding International Pix to markets such as in Latin America, including Argentina, Uruguay, Mexico, and Chile. Additionally, International Pix will be available in various regions of the United States and several European countries, including Spain, Portugal, and the Netherlands.
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