Brazilian Central Bank allows acquirer Cielo to issue e-money in prepaid cards

According to O Estado de S. Paulo, the company's digital banking product will be able to manage electronic transfers

10.Jul.2020 10:41 BRT
UPDATED 10:50 BRT

The acquirer gains more financial autonomy with the decision;
The company will be able to issue prepaid cards and provide digital wallet services.

Brazilian payment processor Cielo received authorization from the Brazilian Central Bank to be an e-money issuer, says the Brazilian newspaper O Estado de S. Paulo.

Now, Cielo may have more financial autonomy: it will be able to issue prepaid cards and provide digital wallet services, with no dependency on other companies – Cielo needed Cateno for the latter opration, a company that manages technological solutions for payment methods, a partner of both Cielo and Banco do Brasil.

The newspaper points out that it is also a fundamental step for Cielo Pay, the company’s digital banking product. Currently, the platform has more than 100,000 customers, that, with this decision, will be able to receive funds through electronic transfers, which they didn’t receive until now.