PagBrasil, a digital payment technology company, has been authorised by the Central Bank of Brazil to operate as a Payment Institution (PI) in the electronic money issuer category.
The Central Bank granted the license in just six months, reflecting PagBrasil’s ability to efficiently navigate the rigorous compliance process, according to Finextra.
This milestone emphasises the company’s role in developing Pix extensions that enhance financial accessibility for Brazilians and the tourism sector.
PagBrasil has already launched two innovative Pix-based solutions: International Pix and Pix Roaming. International Pix allows Brazilians to make Pix payments abroad, while Pix Roaming enables tourists in Brazil to use Pix for payments.
Alex Hoffmann, PagBrasil’s CEO and co-founder, credits the Central Bank’s regulatory framework for fostering FinTrch innovation through sandboxes that reduced licensing requirements. He notes, “The regulator allowed companies to develop certain financial products and services without needing a full license, driving financial inclusion. However, as the market matures, a stricter regulatory phase may be emerging.”
The PI license enables PagBrasil to further diversify its portfolio by expanding existing products and introducing new ones. These include services like high-value transactions exceeding USD 10,000 and cash withdrawal capabilities abroad, catering to markets such as Mexico, where cash remains prevalent.
“The PI license affirms our credibility and opens new doors for innovation,” says Hoffmann. “This recognition strengthens our commitment to democratizing financial services and meeting the demands of a connected global economy.”
This accomplishment solidifies PagBrasil’s standing as a leader in digital payment solutions, marking a significant step in its 15-year journey.
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