Pay4Fun is the first payment institution in the sports betting field authorized by the Central Bank of Brazil, having just announced the launch of the first digital account focused on the sports betting market.
It was created to meet the specific needs of iGaming users, with the main goal of providing a safer, faster, and more transparent experience, in compliance with current regulatory standards.
This new financial product fully complies with the recent gambling market payment law issued by the Brazilian Ministry of Finance, and provides basic services such as Pix. This new feature also benefits those without bank accounts, who can access the account using a prepaid credit balance.
Pay4Fun is the first payment institution in the field to offer a digital account. The company has become one of the leading fintech companies in Brazil in this field, with over 2 million users, monthly revenues exceeding 500 million Brazilian reais (92 million US dollars), and partnerships with major global gambling companies.
Leonardo Baptista, CEO and co-founder of Pay4Fun, stated:
We are thrilled to further consolidate Pay4Fun's position as a pioneer in the gambling industry by developing a complete transaction account. We have been operating in this market for over 20 years, so we have the expertise to understand user needs, thanks to our specialized product team in large banks. With this release, we reaffirm our commitment to providing the best experience for users, ensuring the security, convenience, and efficiency of all transactions.
What changes for Pay4Fun users?
Previously, users could only transact between digital wallets and gambling companies, or transfer to other Pay4Fun digital wallets. With the new transaction account, customers can register a Pix key, make deposits, transfers, collect prizes, make payments via QR code, and send and receive transfers to Pay4Fun customers and other banking institutions.
This change will allow users to access new features associated with the Pix account, making transactions easier and faster. Operations can be performed through registered Pix keys, secure accounts, QR code reading, etc. The new feature will be available for download on the Appstore and Play Store starting July 8.
Compliance with current regulations
The Central Bank of Brazil has established various guidelines and regulations for financial and payment institutions, focusing on the security and integrity of the financial system. Some main requirements include:
Data protection and privacy
Compliance with the General Data Protection Law (LGPD) and cybersecurity
Information security
Audit and compliance
