Claro Secures Payment Institution License from Brazil’s Central Bank
- Alexei Diego
- May 28
- 3 min read
Claro, a leading telecommunications provider, has received authorization from the Central Bank of Brazil to operate as a regulated Payment Institution (PI), backed by over EUR 43 million in capital.
Launched in 2020, Claro Pay offers digital financial services, including Pix transactions, bill payments, ATM withdrawals, and mobile recharges, with special perks for prepaid users. The company expanded into the acquiring market in 2024 through a partnership with Fiserv.
With this new license, Claro Pay can issue electronic money (prepaid accounts) and act as a Payment Transaction Initiator, enabling cost reductions for prepaid top-ups and postpaid billing while generating additional revenue through AI-driven targeted advertising.
Claro Secures Payment Institution (PI) License from Brazil’s Central Bank, Expanding Financial Services
Claro, one of Brazil’s leading telecommunications providers, has been officially granted a Payment Institution (PI) license by the Central Bank of Brazil. With over EUR 43 million in capital, this authorization allows Claro to operate as a regulated financial services provider, reinforcing its position in Brazil’s evolving digital payments landscape.
Claro’s Expansion into Digital Financial Services
Claro first entered the fintech space in 2020 with the launch of Claro Pay, a digital banking solution designed to offer seamless financial services to users. Through Claro Pay, customers can conduct transactions using Brazil’s real-time payment system, Pix, pay bills, withdraw cash from ATMs, and recharge mobile phones. Additionally, Claro provides exclusive benefits for users subscribed to its Claro Prezão prepaid plan.
Recognizing the growing demand for digital financial services, Claro expanded its reach in 2024 by venturing into the acquiring market through a strategic partnership with Fiserv, a global leader in payment processing solutions. This move allowed Claro to further integrate financial services into its ecosystem and tap into new revenue streams.
Advantages of Claro’s PI License
With the Central Bank’s approval, Claro Pay can now legally function in two key areas:
Electronic Money Issuance – Claro can manage prepaid digital accounts, enabling users to store and use funds within its ecosystem.
Payment Transaction Initiation – Claro can facilitate transactions between accounts, enhancing the ease of financial transactions for users.
This regulatory milestone brings significant advantages to Claro’s business model:
Reduced Costs for Prepaid Top-Ups – With direct access to financial transaction services, Claro can lower operational costs associated with mobile recharges.
Lower Billing Expenses for Postpaid Plans – By managing transactions internally, Claro can streamline payment processing and reduce billing overhead.
New Revenue Opportunities Through AI-Driven Targeted Advertising – By leveraging customer data, Claro can enhance marketing strategies, delivering personalized financial offers and services that align with user behavior.
Brazil’s Expanding Digital Payment Landscape
Claro is not the only company making strides in Brazil’s financial sector. In early 2025, several other firms also secured PI licenses, signaling a growing trend of non-banking institutions entering the fintech market:
AstroPay – Granted a PI license in January 2025, AstroPay introduced its "Pix for Foreigners" service, allowing international travelers to make instant payments in Brazilian reais. This innovation benefits small businesses by enabling cashless transactions while bypassing high credit card fees.
PagBrasil – Another fintech securing its PI license in early 2025, PagBrasil completed the compliance process in just six months. The company is now focused on expanding Pix-based payment solutions, aiming to enhance financial inclusion and boost the tourism sector by providing secure and efficient digital payment options.
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