What Does Boku’s New eMoney Licence Mean for Brazil’s Digital Payments Revolution?

August 2025

Fintech & Payments

Thomas Wilson

Senior Research Analyst

At the end of July, the news dropped that Boku, a global leader in localised payment solutions, has received a Payment Institution licence from the Central Bank of Brazil. This authorisation allows Boku to operate as both a Payment Initiator and an eMoney Issuer; positioning the firm to take part in Brazil’s developing Open Finance environment as a Payment Initiator Service Provider (PISP). With this licence, Boku plans to offer Pix Automático, a newly released feature of Brazil’s Pix instant payment system, to merchants from early 2026; marking an important step in enabling seamless Pix payments without the need for any redirection.

In acquiring this licence, Boku has positioned itself to effectively take advantage of the regulatory shifts that are making payments more interoperable and user-friendly in the nation; including helping millions of Brazilians, especially those without access to credit cards, to benefit from secure and seamless recurring payments for streaming, subscriptions, and digital goods.

Pix Automático

Pix, introduced by the Central Bank of Brazil in 2020, has quickly become the most widely used payment method in the country. The system is particularly popular among younger consumers who bank with digital-first platforms such as Nubank.

Pix Automático was launched in June 2025 in response to increasing consumer demand for convenience. It allows for recurring payments for services such as streaming and subscriptions, which are particularly important in a market where convenience often takes precedence over brand loyalty. Boku reported that 78% of Brazilian respondents would consider changing their payment method for advantages such as lower fees, greater security, or improved ease of use; illustrating this change in consumer behaviour.

Source: Pix

The introduction of Pix Automático adds support for recurring payments in addition to the existing facility for one-off payments. It will introduce recurring payment functionality; enabling merchants to offer subscription billing directly within the Pix framework. This opens up new opportunities for merchants with subscription-based business models, such as digital entertainment services, by streamlining the payment collection process. Together, these developments can reduce checkout friction, boost conversion rates, and broaden access for unbanked consumers, thereby accelerating the regional adoption of local payment methods.

Since its introduction, Pix has revolutionised the payments landscape in Brazil; significantly increasing the adoption of digital transactions. As of 2025, over 70% of adults and around 15 million businesses use Pix, with the system representing 45% of all payments and 30% of eCommerce transactions nationwide. Altogether, Pix now handles 20% of Brazil’s total transaction value; highlighting the scale of this shift towards digital payments.

What Does Boku’s New Licence Mean?

With its new licence, Boku is now authorised as a payment institution in Brazil; enabling it to initiate payments and issue electronic money. This authorisation is a necessary requirement for future involvement in Pix and Open Finance; positioning Boku to enhance its capabilities in the market as further approvals are received.

Juniper Research believes that Boku has positioned itself strategically; developing a strong foothold in Brazil, and setting the company up for rapid expansion across Latin America. As Brazil’s leadership in digital payment methods influences neighbouring countries, Boku will have a much simpler task in taking its solutions to these countries, as it will be seen as a trusted and reliable digital payments service provider. 
Furthermore, Boku can offer these platforms and merchants brand new, localised payment solutions that support both one-time and recurring payments.

Other LATAM Markets Taking Note

Brazil is leading digital payments in Latin America, but other markets are also innovating. Colombia plans to launch a Pix-inspired real-time payment system in September 2025 via Bre-B, while Mexico and Argentina have systems such as DiMo and Transferencias 3.0. Additionally, if Boku can obtain the necessary authorisations and transact with Pix Automático as early as next year, the company is well positioned to capture an even larger share of the market.

Juniper Research also predicts that financial inclusion is to be enhanced as a result, as the democratisation of digital payments in Brazil will be swiftly adopted by other Latin American markets; enabling access to facilities such as subscription-based digital services for the first time. It is anticipated that Boku can use its newfound presence in Brazil as a springboard for further fintech innovation across Latin America.

In conclusion, the acquisition of its new Payment Institution licence represents a strategic leap for Boku; unlocking advanced Pix-powered payment experiences for Brazilian residents. This positions Boku as a key player, not only in Brazil, but across Latin America’s digital economy as it evolves.

As a Research Analyst in Juniper Research's Fintech & Payments team, Thomas provides up-to-date trends analysis, competitive landscape appraisal, and market sizing for industries such as Digital ID & Verification and Merchant Fraud Prevention.