Google has received permission for payments in Brazil
2022.12.08 10:34
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Google has received permission for payments in Brazil
Budrigannews.com – (NASDAQ) Alphabet The official gazette of Brazil showed on Thursday that Google Pay has been granted permission to operate as a payment institution there, making it possible for it to start making payments. Brazil is the largest economy in Latin America.
Brazil’s central bank says that payment initiators start a transaction when the final user orders it, but they never manage the payment account or hold the money for the transactions.
Google’s press representative stated that the move provided “more payment options to users through our platforms in Brazil” and confirmed the authorization of the central bank.
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At the moment, Google Pay has an app that acts as a virtual wallet. It lets users store things like credit and debit cards, vaccination cards, and concert tickets.
The approval comes just a few days after the Brazilian National Monetary Council gave fintechs permission to start paying for things in the country.
