Pay4Fun launches first betting-focused digital account in Brazil

Pay4Fun, a payment institution operating in the sports betting sector, has announced the launch of Brazil's first digital account focused on the betting market. The new account is designed to meet the specific needs of users in the online betting sector, aiming to offer a "smoother, secure, fast, and transparent experience," aligned with current regulatory guidelines.

The new financial product is fully compliant with Brazilian payment laws for the betting market recently published by the Ministry of Finance and offers essential services such as Pix, the company noted. The innovation also benefits the unbanked, who can access the account with prepaid credits.

Pay4Fun, authorized by the Central Bank of Brazil, is the first payment institution operating in the sector to offer a digital account. The company has become one of the leading fintechs in the segment in the South American country with over 2 million users, processing more than R$ 500 million ($91.3 million) per month, and offering integration with major betting brands.

Leonardo Baptista, CEO and co-founder of Pay4Fun, said: "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, which is why we have the expertise to understand users' needs, drawing from our product team's experience in major 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." 

Previously, users could only carry out transactions between the digital wallet and betting operators or transfer to other Pay4Fun client digital wallets. With the new transactional account, clients 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 clients and other banking institutions.

The change will allow users to access new functionalities of their accounts associated with Pix, bringing "greater ease and speed to transactions." Operations can be performed through registered Pix keys, secure accounts, QR Code scanning, among other options. The product is already available for download on the App Store and Play Store.