Digital payments platform PagBrasil has received authorisation from the Central Bank of Brazil to operate as a payment institution after being granted its licence.
The Central Bank of Brazil noted that it achieved a record as PagBrasil completed the compliance process in just six months, crediting its extensions of the PIX payment service for its Brazilian and international customers.
PagBrasil has introduced two new extensions for the Central Bank’s PIX Instant Payment; International PIX and PIX Roaming. These solutions enable tourists visiting Brazil and Brazilians travelling abroad to make payments using PIX Instant Payment.
Alex Hoffmann, CEO and Co-Founder of PagBrasil, commented on the regulatory licence, stating: “The payment institution licence is a testament to our strength, now officially recognized by the Central Bank. It opens important doors for product development and further solidifies the credibility PagBrasil has built over its 15-year history.
“With this milestone, we are even more committed to democratising access to financial services and addressing the needs of an increasingly connected world.”
The licence enables PagBrasil to create additional innovative products, expanding and diversifying its portfolio, such as current PIX-related products, including International PIX, which allows Brazilians to make payments abroad, as well as PIX Roaming, which enables foreigners to use PIX while in Brazil.
The licence also permits these aforementioned products to support transactions exceeding USD 10,000 and cash withdrawals abroad. This is viewed as a valuable feature in countries like Mexico, where cash is still widely used.