On August 23, Pay Instituição de Pagamento S.A., a company of the Eightroom Vpag Group, obtained authorization from the Central Bank of Brazil to become a payment institution that issues electronic money.
The business model is aimed at the gaming and betting sector, recently regulated by Law 14,790 of 2023 and by ordinances issued by the Secretariat of Prizes and Bets (SPA) of the Ministry of Finance.
This news was described by the company as ‘an important step in expanding its range of solutions for the Brazilian market’.
Pay will offer a variety of services aimed at Brazilian consumers, with one of its initiatives being Vpag, where users will be able to benefit from the creation and portability of their PIX keys, physical and virtual credit cards, consumer bill payment, and a loyalty program focused on the needs of Brazilian players.
Through an exclusive application, Pay will offer its users the possibility of managing their balances in all the bookmakers in which they have active profiles, as well as making deposits and withdrawals in various gaming and betting operators, and accessing a series of advantages such as promotions and incentives made available, especially for their profile.
For the bookmakers duly authorized by the SPA, transactional accounts will be offered that fully comply with the legal requirements on means of payment established by the Ministry of Finance.
The company noted that, according to Law 14.790/2023, only financial or payment institutions duly authorized by the Central Bank may operate in the online gaming and betting segment.
To obtain this authorization, Pay counted on the help of the law firm Jantalia Advogados, which specialized in regulatory claims before the Central Bank, especially in the person of partners Fabiano Jantalia and Paulo Portuguez, who advised in all phases of the authorization process, from the reformulation of the company’s bylaws to the effective obtaining of the license.
“With this achievement, we have been able to improve our experience, integrating with major operators who are looking to consolidate with the differentials we have internally. In addition to operators, we are also focusing on users, who have seen an unprecedented focus on our quest to improve the user experience from all fronts,” commented Bernardo Bicarano, CCO of Pay, in an official statement.
“We have joined forces to consolidate membership with Eightroom, digital account with Vpag, and payments with Vpag Flash. All our teams are committed to ensuring the synergy of these products for our customers. We have aggressive targets that we will certainly achieve between now and 2025,” added Bicarano.
Eightroom Vpag also stated that it will be present at upcoming major industry events, such as SBC Summit (Lisbon) and SBC Summit Latin America (Miami), as well as SiGMA Europe (Malta).
The company has made available its official communication channels to coordinate meetings with its representatives.
Original article: https://www.yogonet.com/international/noticias/2024/09/02/77389-eightroom-vpag-gets-authorization-from-brazil-39s-central-bank-to-operate-as-a-payment-institution
