The Eightroom Vpag has just taken a significant step by expanding its range of solutions for the Brazilian market. Pay Instituição de Pagamento S.A., a company of the Group, obtained last week of August the official authorization from the Central Bank of Brazil to become a payment institution issuing electronic money.
Through Pay, Eightroom Vpag, which has been active for over 18 years in the iGaming industry, will use its experience with high-value user acquisition and its UX know-how to explore the fintech market. The business model targets the gaming and betting sector, recently regulated by Law No. 14.790 of 2023, and by the ordinances issued by the Secretariat of Prizes and Bets (SPA) of the Ministry of Finance.
The business model proposed by Pay will offer a variety of services aimed at the Brazilian consumer, one of its initiatives being Vpag, where users can benefit from the creation and portability of their Pix keys, physical and virtual credit card, payment of utility bills, and a loyalty program focused on the needs of Brazilian bettors.
Through an exclusive app, Pay will offer its users the ability to manage their balances across all betting sites where they maintain active profiles, as well as make deposits and withdrawals at various gaming and betting operators, and access a series of advantages such as promotions and incentives specially provided for their profile.
To the betting houses duly licensed by the SPA, transactional accounts will be offered, which are fully guaranteed to comply with the legal requirements on payment methods established by the Ministry of Finance. It is worth noting that, according to Law No. 14.790/2023, only financial or payment institutions duly authorized by the Central Bank will be able to operate in the gaming and betting segment.
For this authorization to be obtained, Pay had the valuable assistance of Jantalia Advogados, a law firm specialized in regulatory demands before the Central Bank, particularly through partners Fabiano Jantalia and Paulo Portuguez, who provided advice at all stages of the authorization process, from the statutory reformulation of the company to the effective obtaining of the license.
Bernardo Bicarano, CCO of Pay, described the feeling after such an important achievement for the consolidation of the company in the Brazilian market: “With this achievement, we managed to enhance our experience, integrating with the main operators who seek to consolidate with differentials that we have in-house. In addition to the operators, we are also focused on the users, who saw an unprecedented focus in our pursuit to enhance the user experience from all sides”.
“We joined our efforts to consolidate affiliation 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 goals that we will surely achieve by 2025”.
Eightroom Vpag will continue to make its presence felt at major events that stir the sector, such as the editions of the SBC Summit to be held in Lisbon and in Miami, and SiGMA Europe in Malta.
In Brazil, the company already has guaranteed space at the fairs in the capitals of Rio and São Paulo, at SBC Rio and BiS SiGMA Americas. To schedule a meeting with one of its representatives, just contact one of its communication channels.
Source: GMB
