Google Pay Gets Approval To Become An Official Payment Institution In Brazil

JAKARTA - Alphabet's, the parent company of Google Pay, has received approval to operate as a payment agency in Brazil, which is the largest economic hub in Latin America. According to the country's official newspaper on Thursday, the decision allowed Google Pay to make payment transactions.

Payment initiators, according to Brazil's central bank, began transactions ordered by end users but never managed payment accounts, or withheld transaction funds.

A Google press spokesperson confirmed central bank authorization and said the move offered "more payment options to users via existing platforms in Brazil."

Google Pay currently operates an app that functions as a virtual wallet, which allows users to enter credit and debit cards, vaccination cards, and concert tickets.

The agreement comes days after Brazil's National Monetary Council also authorized fintech to start payment transactions in the country.