Pay4Fun, the first payment institution operating in the sports betting sector to receive authorization from the Central Bank of Brazil, has just unveiled 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 line with current regulatory guidelines.
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.
Leonardo Baptista, CEO and co-founder of Pay4Fun, said:
We are excited 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.
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 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
- Compliance with the General Data Protection Law (LGPD) and Cybersecurity
- Information security
- Audit and compliance
