Multinational payments provider OKTO has taken its latest step forward in the emerging Brazilian betting sector through its U4C holding, a fintech with an operational focus on Brazil.
The Greece-based company announced this morning that U4C has been authorised to process payments to the Paraiba Lottery, including for sports betting. This will take on increased significance later this year when a nationwide wagering market is launched.
Signed into law just before New Year in 2023 by President Lula da Silva, the nationwide betting regulation will usher in one of the world’s biggest online betting markets with significant opportunities for a range of industry stakeholders, with payments providers included.
Tulio Ianni, CEO of U4C, said: “We are thrilled to announce our authorization to process payments for the Paraiba Lottery, a significant milestone that highlights our shared commitment with OKTO to innovation and regulatory compliance.
“We look forward to leveraging this authorization to provide excellent payment experiences for the Paraiba Lottery while staying updated with the evolving regulatory landscape.”
One of OKTO’s primary operations in Brazil, U4C is a registered payments institution with the Central Bank of Brazil. The Central Bank is one of the most significant financial institutions and regulators in Brazil, with its importance underscored by its management of Pix.
Pix is the nationwide payments platform utilised by the vast majority of Brazilians, more so than the traditional banking methods such as debit and credit cards popular in European markets. It may also be rolled out further internationally under plans outlined recently by the Central Bank.
OKTO added that U4C has ‘earned acclaim for its Pix solutions’ whilst adding that its Brazilian subsidiary is ‘among the pioneers authorised to operate’ with the Payment Transaction Initiator (ITP).
With a nationwide launch on the horizon, Brazil – and Latin America in general – has become a core area of focus for OKTO, though the firm is also active in Asia and Europe.
Ahead of his appearance at the SBC Summit Rio, taking place this week, OKTO’s Country Manager Brazil, Leonardo Chaves, explained the firm’s approach to the market to Payment Expert.
Commenting on U4C’s integration with the Paraiba Lottery, Caves added: “As OKTO strengthens its presence in Brazil, we recognize the unique challenges of the market and embrace regulatory readiness to ensure compliance and responsible practices.
“With Brazil transitioning towards a regulated betting environment, OKTO is well-prepared to navigate this landscape, leveraging its expertise and the capabilities of its strategic portfolio company, U4C that has been granted payment processing rights in Paraiba Lottery.”
