Paysafe secures license to enter Brazil’s igaming market
Global payments provider Paysafe is expanding into Brazil. The company announced that it had received a Payment Institution license from the Central Bank of Brazil.
This license allows Paysafe, already used extensively in the U.S. gaming market, to extend its payment services relationships with igaming operators in Latin America’s largest market. It will also support various businesses within Brazil with eCommerce payment solutions.
The license extends Paysafe’s presence in Latin America after it already operates in more than 90 countries, including Argentina, Colombia, Mexico, and Peru. Brazil’s nascent sports betting market is expected to see its turnover reach $34 billion by 2028, which indicates huge growth opportunities for Paysafe and the larger payments ecosystem.
Brazilian operators partnering with Paysafe will be able to offer their customers two leading digital wallets for igaming, Skrill and Neteller, alongside a range of alternative payment options via its SafetyPay gateways, which include instant bank transfers using the Pix system.
The Payment Institution license also allows Paysafe to support Brazilian merchants in eCommerce, travel, entertainment, and digital content creation with its suite of alternative payment methods.
