Brazil central bank grants Google Pay payment institution status

SAO PAULO, Dec 8 (Reuters) – Alphabet’s (GOOGL.O) Google Pay has received approval to operate as a payment institution in Brazil, Latin America’s largest economy, the country’s official gazette showed on Thursday, allowing it to initiate payment transactions.

Payment initiators, according to Brazil’s central bank, initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions.

A press spokesperson for Google confirmed the central…