Payments solutions company OKTO announced this week that its strategic portfolio company U4C has been authorized to process payments for the Paraiba Lottery in Brazil.
Following its strategic investment, which OKTO says underscores its commitment to expanding its footprint in the Brazilian market and strengthening its position across diverse sectors, the Paraiba Lottery “further cements the group’s preparedness for the evolving regulatory framework in the betting landscape.”
The company says that U4C’s authorization to facilitate payments for the lottery service in Paraíba, encompassing state sports betting, “further exemplifies the strategic alignment and regulatory compliance of the partnership.”
U4C is a registered payment institution authorized by the Central Bank, which OKTO says has earned acclaim for its Pix solutions and is among the pioneers authorized to operate with the Payment Transaction Initiator (ITP).
Leonardo Chaves, OKTO’s Country Manager in Brazil, commented: “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, which has been granted payment processing rights in Paraiba Lottery.”
Tulio Ianni, CEO of U4C added: “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.”
OKTO’s team is set to share further details at SBC Rio, scheduled from March 5th-7th, and will showcase its latest payment lineup for Brazil and Latin America at SIGMA Americas 2025, taking place from April 23 to 25 at stand J50. The OKTO team will be joined by the U4C team.
Last month, OKTO announced that it joined forces with Modulus to expand digital payments across Europe and Latin America. This collaboration enables operators at Modulus-connected venues to activate “lightning-fast” digital payments for both deposits and withdrawals for their users, leveraging OKTO’s payment solutions.
Original article: https://www.yogonet.com/international/noticias/2024/03/05/71110-brazil-okto-39s-u4c-receives-authorization-to-process-payments-for-paraiba-lottery
