AstroPay said Thursday that it has secured a Payment Institution (PI) license from the Central Bank of Brazil, strengthening its presence in the country’s digital financial sector.
AstroPay Obtains Payment Institution License for Multicurrency Wallet in Brazil
The license allows AstroPay to expand its multicurrency wallet services, offering cross-border transactions for both local and international users.
With the regulatory approval, AstroPay said it aims to provide faster and more cost-effective financial solutions.
Its “Pix for Foreigners” feature enables international visitors to make instant payments in Brazilian reais, reducing reliance on credit cards and their associated fees.
According to the company, this allows small businesses, including market vendors and beachside merchants, to benefit from smoother transactions without excessive costs.
Additionally, AstroPay’s global card is said to offer users competitive exchange rates and simplified money management across borders.
The company highlights its cost savings for travelers, noting that those spending $2,000 on a trip to Brazil could save up to BRL 1,000 compared to conventional credit cards, with currency conversion rates as low as 1.5% and a financial transaction tax (IOF) of just 0.38%.
Marc Sacal, CEO of AstroPay, called the expansion a “pivotal milestone,” adding: “By working closely with local and international regulators, we aim to empower individuals and businesses globally to take control of their finances.”
AstroPay added that it has strengthened its local presence by expanding its team in Brazil.
