Brazil Approves Mobile Payment Regulations
What? Brazilian National Monetary Council has approved regulations for mobile commerce.
Why it matters: This new regulation in the country is expected to boost m-commerce in Brazil.
The Central Bank of Brazil has approved regulations for mobile payments, pre-paid cards and virtual wallets. According to Brazilian papers, The National Monetary Council approved the regulations of mobile payments including that interested companies have to submit information to the Central Bank of the country.
The companies interested in implement mobile payments will have 180 days of adaptation before launching the service.
In this sense, PayPal has launched a pilot mobile payment project in Sao Paulo. Through the PayPal app, users can check-in within a store, do their shopping, confirm the payment on the credit card linked to the PayPal account and receive a proof of payment via email. Initially, the project runs in a store of the Suplicy Cafes Especiais network in the neighborhood of Jardins, Sao Paulo. The PayPal app also will gain a function to search for nearby shops and restaurants that accept the smartphone as payment, according to Telecompaper.