The new financial product is in full compliance with Brazilian payment laws for the betting market recently published by the Ministry of Finance and offers essential services like Pix. The new feature also benefits unbanked people who can access the account with prepaid credits.
Pay4Fun is the first payment institution operating in the sector to provide a digital account. The company has become one of the main fintechs in the segment in Brazil with more than 2 million users, generating more than R$500 million (US$ 92m) per month, integrated with the main betting houses in the world.
"We are proud to further consolidate Pay4fun as a pioneer in the betting sector by developing a complete transactional account. We have been operating in this market for over 20 years, so we have the expertise to understand users' needs, from our dedicated product team in large banks. With this launch, we reaffirm our commitment to providing the best possible experience to our users, ensuring security, convenience and efficiency in all transactions,” says Leonardo Baptista, CEO and co-founder of Pay4Fun.
What changes for Pay4Fun users?
Previously, users could only make transactions between the digital wallet and betting houses or transfer to other Pay4Fun digital wallets. With the new transactional account, customers can register a Pix key to make deposits, transfers, receive prizes, make payments via QR Code, as well as send and receive transfers from Pay4Fun customers and other banking institutions.
The change will allow users to access new features of their accounts associated with Pix, bringing greater ease and speed to transactions. Operations can be carried out through registered Pix keys, secure accounts, QR Code reading, among other options. 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 (Bacen) sets various guidelines and regulations for financial and payment institutions, focusing on the security and integrity of financial systems. Some of the main requirements include:
Data protection and privacy: Implementation of appropriate measures to protect customers' personal data.
Compliance with the General Data Protection Law (LGPD) and Cybersecurity
Information security:
Adoption of information security policies and controls.
Implementation of security systems to protect against fraud and unauthorized access.
Ensuring customer identity (Pix for the same ownership).
Audit and compliance:
Conducting periodic audits to ensure compliance with security and operational standards.
Regular reports to Bacen on security measures and incidents.
Money laundering prevention.
Resources allocated and guaranteed by the Central Bank.
High level of anti-fraud due diligence.
Additional security measures.
Founded in 2018, Pay4Fun is the first payment institution operating in the sports betting sector to receive authorization from the Central Bank of Brazil. Operating with over 500 integrated sites in the entertainment segment, the company reached the milestone of R$ 8.1 billion (US$ 1.5bn) in financial transactions in 2023.
The company was considered the "Best Payment Method for Latin America" at the SAGSE 2022 awards and chosen as the "Best Payment Method" at the Brazilian iGaming Awards. In 2023, the company earned the RA 1,000 seal from Reclame Aqui, the 3rd position as the best financial services company to work for in GPTW, and the 2nd place in the SBC Awards in Barcelona for payment innovation of the year.
To learn more about the company, visit the website or connect on Linkedin
Source: GMB
