Paysafe Expands its Presence in the Brazilian Payments Market
Paysafe (NYSE: PSFE), a global leader in payments, has taken a significant step in its international growth strategy by obtaining a payment institution (PI) license from the Central Bank of Brazil (BCB). This milestone enables Paysafe to establish its presence in Brazil’s regulated online gaming and sports betting market, as well as support Brazilian businesses across various sectors with enhanced eCommerce payment solutions.
Opening Doors to New Opportunities in Brazil
The PI license represents a gateway for Paysafe to deepen its involvement in the Latin American market, particularly in the rapidly growing iGaming sector. This expansion aligns with Paysafe’s strategy to leverage its expertise and solutions in regulated global markets. Brazil, with its population exceeding 212 million and a projected sports betting turnover of USD 34 billion by 2028, offers immense potential for growth.
The approval from the BCB allows Paysafe to extend its existing payment partnerships with international iGaming operators into Brazil. The company already operates in over 90 regulated global iGaming jurisdictions, including key markets in Latin America such as Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and most recently, Peru, which implemented its regulated iGaming market in early 2024. With Brazil poised to become the third-largest gambling jurisdiction globally, Paysafe is well-positioned to drive innovation and support operators in this dynamic market.
Meeting Diverse Payment Needs
Paysafe’s suite of payment solutions is tailored to cater to the diverse preferences of Brazilian consumers. Among the offerings are Skrill and NETELLER, two leading digital wallets designed specifically for iGaming transactions. These digital wallets provide secure, fast, and efficient payment processing, enhancing the user experience for gamers and bettors alike.
Additionally, through its SafetyPay payment gateway, Paysafe offers a range of alternative payment methods (APMs). These include instant bank transfers facilitated by the Central Bank’s Pix payment system, which has gained widespread adoption in Brazil for its convenience and real-time capabilities. By integrating these payment options, Paysafe ensures that operators can meet the varying demands of their customers, fostering greater engagement and loyalty.
Beyond iGaming: Supporting Brazilian Businesses
While iGaming and sports betting are key focus areas, the PI license enables Paysafe to expand its services to other industries in Brazil. The company’s payment solutions can now be utilized by eCommerce businesses, travel and entertainment companies, and digital content creators. This diversification underscores Paysafe’s commitment to becoming a comprehensive payments partner for Brazilian enterprises.
Brazilian operators and businesses can benefit from Paysafe’s robust technology and expertise in payments, regulation, and compliance. The company’s alternative payment solutions not only streamline online transactions but also enhance financial inclusion by providing users with accessible and flexible payment options.
Driving Growth in the Latin American Market
Paysafe’s entry into the Brazilian market is a strategic move that highlights its dedication to expanding in Latin America. The region has witnessed significant growth in digital payments and iGaming, with countries like Argentina, Colombia, and Mexico leading the way. Brazil’s sheer market size and its adoption of regulatory frameworks make it an attractive destination for investment and innovation.
By joining the Brazilian Fintech Association (ABFintechs), Paysafe has further demonstrated its commitment to the local fintech ecosystem. This membership allows the company to collaborate with industry stakeholders, stay abreast of regulatory developments, and contribute to the advancement of digital payments in Brazil.
A Vision for the Future
Rob Gatto, Chief Revenue Officer at Paysafe, expressed his enthusiasm for the company’s expansion into Brazil, stating, “With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated iGaming market, which will mark a new era not only for Latin American gaming but also for the global space, with the country becoming the third-largest gambling jurisdiction in the world. We are delighted to bring our deep experience in payments, regulation, and compliance to bear in this important new market to support the growth of Brazilian operators with our payment solutions now under our new license, which will also allow us to streamline online transactions for local travel and entertainment businesses.”
Challenges and Opportunities
As Paysafe embarks on its journey in Brazil, the company is likely to encounter challenges typical of entering a new and highly competitive market. These challenges include navigating local regulatory requirements, adapting to cultural nuances, and competing with established payment providers. However, Paysafe’s extensive experience in global markets and its innovative payment technologies position it to overcome these hurdles and capitalize on opportunities in Brazil.
One of the key opportunities lies in the growing adoption of digital payments in Brazil. The country has experienced a surge in eCommerce and digital transactions, driven by increasing internet penetration and smartphone usage. Paysafe’s solutions are well-suited to support this digital transformation, enabling businesses to provide seamless and secure payment experiences for their customers.
About Paysafe
Paysafe Limited(NYSE: PSFE) (PSFE.WS) is a global payments leader with a proven track record of serving businesses and consumers across the global entertainment and entertainment industries. Its core business is to enable businesses and consumers to connect and transact seamlessly through payment processing, digital wallet and online money solutions. With over 25 years of experience in online payments, an annual transaction volume of $140 billion in 2023 and approximately 3,200 employees located in over 12 countries, connects businesses and consumers across 260 payment types in over 40 currencies worldwide. Delivered through an integrated platform, Paysafe’s solutions focus on mobile-initiated transactions, real-time analytics and the convergence of physical and online payments. For more information, visit www.paysafe.com .
The original language text of this press release is the official, authoritative version. Translations are provided as a convenience only and should refer to the original language text, which is the only version of the text that has legal effect.
