As Brazil’s betting market continues to expand, payment providers well-prepared for the new regulatory framework like OKTO are presented with a lucrative opportunity to thrive within the evolving landscape.
With a focus on regulatory compliance, operational efficiency, and tailored payment solutions, OKTO aims to spearhead advancements in payment technologies that cater to the unique demands of both users and merchants.
As the industry gears up for discussions at the SBC Summit Rio, Leonardo Chaves, OKTO’s Country Manager Brazil, shared his insights about how the firm stands poised to lead conversations on navigating regulatory complexities, enhancing security measures, and optimising payment experiences to unlock the full potential of Brazil’s burgeoning betting sector.
How does the emergence of Brazil’s betting market present an opportunity for payment providers like OKTO?
Leonardo Chaves: Brazil’s burgeoning betting market offers a significant growth opportunity for payment providers that are well-prepared for the new framework and have advanced paytech like OKTO.
With a large population of passionate sports enthusiasts and the gradual legalisation of online betting, the industry is poised for substantial transaction volume growth. Payment providers can seize this opportunity by offering tailored, secure, and reliable payment solutions that cater to the unique needs of both users and merchants.
Through strategic timing and innovative approaches, companies like OKTO can establish themselves as pivotal facilitators within Brazil’s expanding betting landscape.
What are the primary payment challenges for European and North American operators entering Brazil?
Chaves: Entering Brazil poses significant payment challenges for European and North American operators, chiefly centred around regulatory compliance, understanding local payment preferences, and addressing infrastructure limitations.
Navigating Brazil’s regulatory framework, obtaining necessary licences, and ensuring compliance with AML and KYC regulations are paramount. Additionally, adapting to Brazilians’ preferred payment methods and overcoming infrastructure obstacles such as connectivity issues and currency conversion complexities are crucial for successful market entry.
As the Brazil Central Bank’s instant payment method, what benefits can the use of Pix bring from a regulatory and operational standpoint?
Chaves: The adoption of Pix presents a multitude of benefits, spanning regulatory compliance and operational efficiency. From a regulatory standpoint, Pix transactions are overseen by the Brazil Central Bank, ensuring adherence to stringent standards, enhancing transparency, and bolstering trust within the payment ecosystem.
Operationally, Pix enables real-time settlement, cost-effective transactions, enhanced customer experiences, and streamlined operations, positioning it as a preferred payment method amidst Brazil’s evolving financial landscape.
However, what truly matters for merchants is transcending Pix and offering comprehensive end-to-end payment services, all underscored by operational excellence.
OKTO is a company fully regulated to process payments to Operators by the Brazilian Central Bank. Its solutions encompass a unified payment platform, streamlining integration for merchants and enabling access to numerous local payment methods, including instant pay-ins and payouts, thereby enhancing the overall user experience.
We customise our solutions to meet the specific demands of the Brazilian market, as evidenced by our recent introductions of “Pay And Play” and “Pix Direct,” which prioritise speed, security, and cost-efficiency. Pay And Play facilitates instant play with KYC verification through the initial deposit.
This innovative approach seamlessly combines rapid processing, security, and error-free transactions leveraging advanced open banking and integrated KYC. Furthermore, Pix Direct stands out as Brazil’s swiftest open banking payment solution, enabling real-time transfers between banks and merchants’ platforms in just two clicks, prioritising speed, security, and cost-efficiency.
Are there any emerging technologies in igaming payments that you think could play a pivotal role in Brazilian igaming?
Chaves: Numerous emerging technologies, including blockchain, cryptocurrencies, biometric authentication, mobile wallets, tokenization, open banking, and AI, wield transformative potential in Brazil’s igaming sector.
These advancements not only bolster security, efficiency, and convenience but also redefine the payment landscape within the dynamic igaming industry. Furthermore, payment orchestration, regarded as the most recent buzzword, encapsulates precisely what OKTO delivers: a unified payment platform for merchants.
By unlocking numerous payment methods and seamlessly managing the entire end-to-end payment process, OKTO simplifies merchants’ payment operations, providing a unified platform that streamlines their payment journey.
In your view, what is the ideal operator/payment provider relationship for full maximisation of Brazil’s betting potential?
Chaves: The ideal relationship in Brazil’s betting market is characterised by trust, reliability, collaboration, and innovation. Operators require payment providers that can securely process transactions, comply with regulations, and offer flexible payment solutions tailored to the diverse needs of the market.
By fostering strong partnerships built on mutual trust and a commitment to delivering secure, efficient payment experiences, operators and payment providers can unlock the full potential of Brazil’s burgeoning betting industry.
What do you think the main talking points of the SBC Summit Rio will be when it comes to payments and other technologies?
Chaves: The SBC Summit Rio is anticipated to feature discussions on cutting-edge payment technologies, regulatory complexities within the Brazilian betting market, security and fraud prevention in the digital payments landscape, and cross-border payment solutions tailored to the international nature of the betting industry.
These discussions will provide invaluable insights into navigating the evolving payments landscape and maximising opportunities within Brazil’s dynamic betting sector.
Leonardo Chaves, along with many others, will be speaking at the SBC Summit Rio from March 5-7, 2024. Purchase your ticket and gain access to all three days of the event, including the exhibition, the conference, and exclusive networking parties.
You can keep up-to-date with the latest news, speakers & exhibitor additions and conference content by subscribing to the bi-weekly SBC Summit Rio LinkedIn newsletter.
