Paysafe Gains Approval to Launch Services in Brazil
Paysafe recently announced receiving a payment institution (PI) license from the Central Bank of Brazil. This significant development allows Paysafe to offer its services to licensed operators in Brazil’s regulated online sports betting and gambling market. The approval marks a major step for the company, opening doors to the largest Latin American market and setting the stage for future expansion.
With the PI license, Paysafe can now provide its renowned digital wallets, NETELLER and Skrill, specifically tailored for the online gambling industry, along with SafetyPay’s alternative payment methods (APMs). This will empower operators in Brazil to offer diverse and secure payment options. Beyond iGaming, the license enables Paysafe to support businesses in eCommerce, entertainment, and travel sectors, further diversifying its presence.
A New Market Poised to Drive Growth
Rob Gatto, Chief Revenue Officer of Paysafe, expressed enthusiasm about this milestone. He highlighted that this expansion would allow Paysafe to better serve the Brazilian market, especially the regulated iGaming sector, positioning Brazil as a major player in the global gaming industry.
Gatto emphasized the company’s readiness to leverage its expertise in payments, compliance, and regulation to support Brazilian operators’ growth. He noted that Paysafe’s entry will streamline transactions for local travel and entertainment merchants, enhancing the overall market experience.
Brazil, with its population exceeding 212 million, is poised to become a $34 billion gambling market by 2028. This projected growth could eclipse other Latin American markets, underscoring the strategic importance of Paysafe’s entry. Currently, Paysafe operates in over 90 regulated markets worldwide, including prominent Latin American countries such as Colombia, Mexico, and Argentina. Its recent launch in Peru further cements its foothold in the region.
