SafePay secures significant achievement with licensed Brazilian payment institution status
Paysafe, a leading specialist in online payment solutions, has announced its expansion into Brazil following the acquisition of a new payment institution (PI) license from the Central Bank of Brazil. This move marks a significant step in the company's growth strategy for the Latin American market.
Rob Gatto, Paysafe's Chief Revenue Officer, expressed his excitement about the company's entry into Brazil. He stated, "We are thrilled to be expanding our presence in Latin America, particularly in Brazil, which is set to become a major player in the global gaming and betting industry."
Brazil's regulated online gambling and betting market is projected to reach $34 billion by 2028, making it the third largest betting jurisdiction on earth. This expansion is expected to bolster Paysafe's future growth and completely overshadow all other Latin American gambling markets.
Paysafe's entry into Brazil signifies a new era for the Latin American gaming and global space. With its extensive experience in the payments, regulatory, and compliance arena, Paysafe is poised to serve the Brazilian market, not only in the regulated iGaming sector but also in the eCommerce, entertainment, and travel sectors.
The new PI license will allow Paysafe to introduce its services to operators within Brazil's regulated online sports betting and online gambling market. Operators in Brazil will now be able to tap into Paysafe's range of solutions, including the digital wallets NETELLER and Skrill, and the payment gateway, SafetyPay, which offers alternative payment methods (APMs).
Veronika Missbichler, who has spearheaded Paysafe's expansion into the Brazilian market segment, expressed her optimism about the company's prospects in the country. Missbichler, who previously held an operational leadership role at Paysafe, heading global customer operations and leading international growth including into Latin America, stated, "We are committed to growing within the regulated iGaming vertical in Latin America, and Brazil is a key market for us."
Paysafe's expansion into Brazil reaffirms its dedication to growing within the region. The company recently joined the Brazilian Association of Fintechs, further demonstrating its commitment to the market.
Most recently, Paysafe has gone live in the regulated market in Peru. With the new PI license, Paysafe's presence is significantly expanded, entering the most populated Latin American country. The company aims to support Brazilian operators' growth with its payment solutions following the new PI license.
The new PI license will also allow Paysafe to streamline online transactions for local travel and entertainment merchants, potentially revolutionising the way Brazilians pay for goods and services online.
In conclusion, Paysafe's expansion into Brazil signifies a major step forward in the company's growth strategy for the Latin American market. With its extensive experience in the payments, regulatory, and compliance arena, Paysafe is well-positioned to support the growth of Brazilian operators and revolutionise the way Brazilians pay for goods and services online.
