Alphabet’s Google Pay has received approval to operate as a payment institution in Brazil, Latin America’s largest economy, allowing it to initiate payment transactions – Reuters reports.
Payment initiators, according to Brazil’s central bank, initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions.
A press spokesperson for Google confirmed the central bank’s authorization and said the move offered „more payment options to users through our platforms in Brazil.”
Google Pay currently operates an app serving as a virtual wallet, which allows the user to include their credit and debit cards.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
