Google Pay given payment institution status in Brazil

Google Pay has been granted payment institution status by the central bank of Brazil.

The approval gives the Alphabet-owned mobile payments operator approval to operate as a payment institution in Latin America’s largest economy, giving it the ability to initiate payment transactions.

Payment initiators in Brazil initiate a transaction ordered by the final user, but do not hold funds or manage the payment account.

Google Pay operates as a virtual wallet, allowing users to save digital versions of credit and debit cards, boarding passes for flights, gift and loyalty cards and event tickets. A spokesperson for Google said that the move will provide “more payment options to users through our platforms in Brazil.”

This year, Google has pledged $1.2 billion to invest in Latin America’s ongoing digital transformation. Google Pay first launched in Brazil in 2018, and supports cards from institutions including the Bank of Brazil, Neon Bench, Bradesco, and CEF among others.

Earlier this week, Brazil's National Monetary Council authorised fintechs to initiate payment transactions in the country.

Despite initial concerns, it is likely that the Brazilian central bank's ambitious FinTech innovation plan will continue under president-elect Luiz Inácio Lula da Silva, who beat the incumbent far-right leader Jair Bolsonaro in a tight general election. Central bank president Roberto Campos Neto will serve until at least 2024, and has said that he will work with the socialist Lula in the “best way possible.”

    Share Story:

Recent Stories


Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.

Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.