BCB Resolution No. 80 — Regulation of Payment Institutions

BCB RESOLUTION NO. 80, OF MARCH 25, 2021

Regulates the constitution and operation of payment institutions, establishes the parameters for submitting requests for authorization to operate by these institutions, and provides for the provision of payment services by other institutions authorized to operate by the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in a session held on March 25, 2021, based on the provisions of Arts. 6º, §§ 1º and 4º, and 9º of Law No. 12.865, of October 9, 2013, and considering the provisions of Resolution No. 4.282, of November 4, 2013,

RESOLVES:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1º This Resolution regulates the constitution and operation of payment institutions, establishes the parameters for submitting requests for authorization to operate by these institutions, and provides for the provision of payment services by other institutions authorized to operate by the Central Bank of Brazil.

Art. 2º The provisions of this Resolution do not apply to payment institutions that, in accordance with the regulation governing the provision of payment services within the scope of payment arrangements integrated into the Brazilian Payments System:

I - participate exclusively in payment arrangements of limited purpose; or

II - provide payment services exclusively related to: (Wording given, from 3/4/2023, by BCB Resolution No. 296, of 23/2/2023.)

a) a program intended to grant benefits to natural persons based on employment relationships, service provision, or similar, established by law or by act of the Federal, State, or Municipal Executive Power; or (Included, from 3/4/2023, by BCB Resolution No. 296, of 23/2/2023.)

b) food assistance as provided for in § 2º of Art. 457 of the Consolidation of Labor Laws, approved by Decree-Law No. 5.452, of May 1, 1943, as well as with a benefit of the same nature, for the payment of meals at restaurants and similar establishments or for the purchase of food items at commercial establishments, established by law or by act of the Federal, State, or Municipal Executive Power. (Included, from 3/4/2023, by BCB Resolution No. 296, of 23/2/2023.)

CHAPTER II
OF THE MODALITIES AND SPECIAL ACTIVITIES OF PAYMENT INSTITUTIONS

(Name altered by BCB Resolution No. 407, of 2/8/2024.)

Art. 3º Payment institutions are classified into the following modalities, according to the payment services provided:

I - electronic money issuer: a payment institution that manages a prepaid-type payment account of an end user, makes available a payment transaction involving the act of paying or transferring, based on electronic money previously deposited in that account, converts such resources into physical or book money, or vice versa, and may enable the acceptance of electronic money with settlement in a payment account managed by it;

II - post-paid payment instrument issuer: a payment institution that manages a post-paid-type payer end user payment account, and makes available payment transactions based on that account;

III - acquirer: a payment institution that, without managing a payment account:

a) enables receivers to accept a payment instrument issued by a payment institution or by a financial institution participating in the same payment arrangement; and

b) participates in the settlement process of payment transactions as a creditor vis-à-vis the issuer, in accordance with the rules of the payment arrangement; and

IV - payment transaction initiator: a payment institution that provides a payment transaction initiation service:

a) without managing a payment account; and

b) without holding the funds transferred at any moment during the provision of the service.

§ 1º For the purposes of item I of the caput, electronic money is considered to be resources in reais stored in an electronic device or system that allow the end user to make a payment transaction.

§ 2º For the purposes of this Resolution, payment transaction initiation is considered to be the service that initiates a payment transaction ordered by the end user, regarding the deposit or payment account, commanded by an institution that is not the holder of the account to the institution that holds it.

§ 3º A payment institution may be classified in more than one of the modalities mentioned in items I to IV of the caput, according to the payment services provided.

Art. 4º It is prohibited for the payment institution, in the provision of the payment transaction initiation service:

I - store the set of data related to end user credentials sufficient to authenticate the payment transaction with the account-holding institution;

II - require the end user to provide any other data beyond what is necessary to provide the payment transaction initiation service;

III - use, store, or access the data for any purpose other than the provision of the payment transaction initiation service expressly requested by the end user;

IV - alter the amount or any other element of the payment transaction authorized by the end user; and

V - initiate a payment transaction involving a payment account maintained by an institution that is not part of the Brazilian Payments System.

Sole paragraph. The prohibitions established in items I and III of the caput do not apply to data processing and storage services and cloud computing services when provided by a payment transaction initiator to institutions authorized to operate by the Central Bank of Brazil, based on a contractual relationship, observing the current regulation, especially that which provides for:

I - the cybersecurity policy and the requirements for contracting data processing and storage and cloud computing services to be observed by institutions authorized to operate by the Central Bank of Brazil;

II - the policy, internal procedures, and controls to be adopted by institutions authorized to operate by the Central Bank of Brazil aimed at preventing the use of the financial system for the practice of money laundering or concealment of assets, rights, and values, as provided for in Law No. 9.613, of March 3, 1998, and terrorism financing, provided for in Law No. 13.260, of March 16, 2016; and

III - Open Finance. (Wording given by BCB Resolution No. 407, of 2/8/2024.)

Art. 4º-A The payment institution that provides the payment transaction initiation service may execute, as a special activity, within the scope of Open Finance, the service of payment transaction initiation without redirection to other electronic environments or systems, including those of other institutions, observing the provisions of specific regulation. (Included by BCB Resolution No. 407, of 2/8/2024.)

Sole paragraph. The institution mentioned in the caput must notify the Central Bank of Brazil, ninety days in advance, of its intention to initiate the execution, within the scope of Open Finance, of the payment transaction initiation service without redirection to other electronic environments or systems, including those of other institutions. (Included by BCB Resolution No. 407, of 2/8/2024.)

CHAPTER III
OF THE CONSTITUTION OF A PAYMENT INSTITUTION

Art. 5º The payment institution must be constituted as a limited liability company or a corporation and have as its main corporate object at least one of the activities listed in Art. 6º, item III, of Law No. 12.865, of October 9, 2013.

§ 1º It is prohibited to constitute a payment institution as a company in which a natural person appears as the sole partner. (Wording given, from 1º/12/2022, by BCB Resolution No. 257, of 16/11/2022.)

§ 2º The execution of other activities by the payment institution, in addition to those provided for in the caput, is admitted, provided they have the purpose of enabling the provision of the payment service or adding value to the service provided to the user, at the discretion of the Central Bank of Brazil.

§ 3º Payment institutions constituted in the form of limited liability companies must provide in their articles of association for the supplementary observance of Law No. 6.404, of December 15, 1976, in accordance with the sole paragraph of Art. 1.053 of Law No. 10.406, of January 10, 2002 (Civil Code), including with respect to the retention of profits and the constitution, reversal, and use of reserves.

§ 4º The payment institution must:

I - possess, in its corporate name, the expression "Payment Institution";

II - make clear, in its communication channels and customer and user service channels, its status as a payment institution; and

III - disclose on its website the payment service modalities it provides.

§ 5º The payment institution authorized to operate before the effectiveness of this Resolution must adopt the provisions of § 4º until December 31, 2022.

§ 6º The alteration of the corporate name of the payment institution resulting from the provisions of § 4º is independent of authorization from the Central Bank of Brazil, and must be communicated to this agency in the manner provided for in specific regulation.

Art. 6º Payment institutions must implement a governance policy, approved by the board of directors or, in its absence, by the institution's executive board, aimed at ensuring compliance with the regulation governing these institutions.

Sole paragraph. The policy referred to in the caput must:

I - define attributions and responsibilities; and

II - be adequately documented and subject to reviews every two years, with the documentation kept available to the Central Bank of Brazil.

Art. 7º The articles of association of payment institutions constituted in the form of limited liability companies must contain clauses specifying that:

I - the term of office of the administrator will have a fixed term, not exceeding four years, with reappointment permitted;

II - the term of office of the administrators will extend until the swearing-in of their substitutes; and

III - the administration of the payment institution must be exercised by at least three administrators.

Art. 8º The use of the term "director" is exclusive to persons elected or appointed in the manner provided for in the bylaws or articles of association of the payment institution.

CHAPTER IV
OF THE REQUIREMENT OF AUTHORIZATION FOR OPERATION

Art. 9º The payment institution must request authorization from the Central Bank of Brazil to begin providing payment services. (Wording given by BCB Resolution No. 494, of 5/9/2025.)

Sole paragraph. The payment institution must include in its request for operation all modalities of payment services in which it intends to operate. (Included by BCB Resolution No. 494, of 5/9/2025.)

Art. 9º-A Authorization for operation must be requested from May 1, 2026 to May 31, 2026: (Included by BCB Resolution No. 494, of 5/9/2025.)

I - the electronic money issuer that had begun providing this service before March 1, 2021 and is not authorized to operate by the Central Bank of Brazil; and (Included by BCB Resolution No. 494, of 5/9/2025.)

II - the post-paid payment instrument issuer and the acquirer that had begun providing any of these services before September 5, 2025 and are not authorized to operate by the Central Bank of Brazil. (Included by BCB Resolution No. 494, of 5/9/2025.)

§ 1º The institution that does not timely file its respective request for authorization to operate as a payment institution may only continue to exercise such activity until the deadline of thirty days, after the final date established in the caput. (Included by BCB Resolution No. 494, of 5/9/2025.)

§ 2º The institution that does not adequately file its respective request for authorization to operate as a payment institution, at the discretion of the Central Bank of Brazil, may only continue to exercise such activity until the deadline of thirty days counted from the date of notification by the Central Bank of Brazil. (Included by BCB Resolution No. 494, of 5/9/2025.)

§ 3. In the transfer of funds between prepaid payment accounts held within the same payment institution, the amount corresponding to the operation must be considered as a single transaction for the calculation of the values referred to in item "a" of subsection I, item "a" of subsection II, item "a" of subsection III, item "a" of subsection IV, item "a" of subsection V, and item "a" of subsection VI of the main text. [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

§ 4. The values referred to in item "b" of subsection I and item "b" of subsection II of the main text must be calculated based on the arithmetic average of the thirty highest daily balances in electronic currency held in prepaid payment accounts over the last twelve months.

§ 4. The values referred to in item "b" of subsection I, item "b" of subsection II, item "b" of subsection III, item "b" of subsection IV, item "b" of subsection V, and item "b" of subsection VI of the main text must be calculated based on the arithmetic average of the thirty highest daily balances in electronic currency held in prepaid payment accounts over the last twelve months. [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

§ 5. For the purpose of calculating the financial values mentioned in subsections I and II of the main text, transactions carried out within the scope of payment arrangements and benefit programs mentioned in Article 2 must not be considered.

§ 5. For the purpose of calculating the financial values mentioned in subsections I to VI of the main text, transactions carried out within the scope of payment arrangements and benefit programs mentioned in Article 2 must not be considered. [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

Art. 10. [Revoked by Resolution BCB No. 494, of September 5, 2025.]

Art. 11. The issuer of a post-paid payment instrument or the acquirer must request authorization for operation when it reaches financial movement exceeding BRL 500,000,000.00 (five hundred million reais) in any of these modalities.

§ 1. The issuer of a post-paid payment instrument must calculate the value mentioned in the main text considering the sum of the values corresponding to payment transactions authorized over the last twelve months.

§ 2. The acquirer must calculate the value mentioned in the main text considering the sum of the values corresponding to payment transactions in which it participated in the settlement process as creditor against the issuer over the last twelve months.

§ 3. For the purpose of calculating the financial movements mentioned in the main text, transactions carried out within the scope of payment arrangements or benefit programs mentioned in Article 2 must not be considered.

§ 4. The authorization for operation must be requested within ninety days, counted from the date on which the payment institution reaches the financial movements established in the main text, observing the provisions of Article 14.

Art. 11. [Revoked by Resolution BCB No. 494, of September 5, 2025.]

Art. 12. The payment institution that, due to any of the situations provided for in this Resolution, requests authorization for operation in one of the modalities provided for in subsections I to IV of Article 3 must include, in its request, all modalities in which it already operates, regardless of the volumes of their respective financial movements.

Art. 12. [Revoked by Resolution BCB No. 494, of September 5, 2025.]

Art. 13. The payment institution that provides payment services in the modalities provided for in subsections I to III of Article 3 and presents financial movements superior to at least one of the values established in Articles 10 and 11, in the event that it has not timely and adequately instructed the respective request for authorization for operation as a payment institution, may only continue to exercise such activity until the deadline of ninety days, counted from the date it reaches the said criterion.

Art. 13. [Revoked by Resolution BCB No. 494, of September 5, 2025.]

CHAPTER V
OF THE OPERATION OF THE PAYMENT INSTITUTION IN A NEW MODALITY

Art. 14. The payment institution authorized to provide service in at least one of the modalities provided for in subsections I to III of Article 3 is exempt from requesting authorization to provide payment services in any other modalities provided for in subsections I to IV of the said article, if there is a statutory or contractual provision that the activity is part of the corporate object of the institution.

Sole Paragraph. The payment institution must notify the Central Bank of Brazil ninety days in advance of its intention to begin providing service in a new modality.

Art. 15. The payment institution must notify the Central Bank of Brazil ninety days in advance of its intention to cease providing service in any of the modalities provided for in subsections I to IV of Article 3.

Sole Paragraph. The payment institution must settle all obligations related to the activities exclusive to the payment service modality to be discontinued, prior to the closure referred to in the main text.

CHAPTER VI
OF THE AUTHORIZATION FOR PROVISION OF PAYMENT SERVICE BY OTHER INSTITUTIONS AUTHORIZED TO OPERATE BY THE CENTRAL BANK OF BRAZIL

Art. 16. The following are exempt from authorization by the Central Bank of Brazil:

I - commercial banks, multiple banks with commercial portfolio, and savings banks, for the provision of the services mentioned in subsections I to IV of Article 3;

II - multiple banks with credit, financing and investment portfolio and credit, financing and investment companies, for the provision of payment services mentioned in subsections I, II and IV of Article 3;

III - single credit cooperatives, for the provision of the services mentioned in subsections I to IV of Article 3 to members and non-members, observed their specific regulation;

IV - direct credit companies, for the provision of payment services mentioned in subsections I, II and IV of Article 3, observed their specific regulation; [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

V - peer-to-peer lending companies, for the provision of payment services mentioned in subsections I and IV of Article 3, observed their specific regulation; [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

VI - microentrepreneur and small business credit companies, for the provision of payment services mentioned in subsections I and IV of Article 3, observed their specific regulation; and [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

VII - securities distribution companies and securities brokerage companies, for the provision of the services mentioned in subsection I of Article 3, observed their specific regulation.

§ 1. The institutions mentioned in the main text must notify the Central Bank of Brazil ninety days in advance of their intention to begin providing service in the modality exempt from authorization.

§ 2. The institutions referred to in the main text must request prior authorization from the Central Bank of Brazil to provide payment services in modalities not covered by the exemption from authorization, observed the specific regulation that disciplines these institutions.

§ 3. Other institutions authorized to operate by the Central Bank of Brazil not mentioned in the main text must request prior authorization from the Central Bank of Brazil to provide payment services in any of the modalities provided for in Article 3, observed the specific regulation that disciplines these institutions.

§ 4. Other institutions authorized to operate by the Central Bank of Brazil that provide payment transaction initiation service may execute the special activity in accordance with Article 4-A. [Included by Resolution BCB No. 407, of August 2, 2024.]

CHAPTER VII
OF MINIMUM SHARE CAPITAL AND MINIMUM EQUITY

[Name altered by Resolution BCB No. 407, of August 2, 2024.]

Art. 17. The payment institution authorized to operate by the Central Bank of Brazil must permanently observe minimum limits of paid-up share capital and equity:

I - BRL 2,000,000.00 (two million reais), for each of the modalities provided for in Article 3, main text, subsections I to III; [Amended by Resolution BCB No. 407, of August 2, 2024.]

II - BRL 1,000,000.00 (one million reais), for the modality provided for in Article 3, main text, subsection IV; and [Amended by Resolution BCB No. 407, of August 2, 2024.]

III - BRL 2,000,000.00 (two million reais), to exercise the special activity provided for in Article 4-A. [Included by Resolution BCB No. 407, of August 2, 2024.]

§ 1. Payment institutions that participate exclusively in a closed payment arrangement, providing services in the modalities provided for in Article 3, main text, subsections I and II, must permanently observe minimum limits of paid-up share capital and equity of BRL 3,000,000.00 (three million reais). [Transformed into § 1, with wording given by Resolution BCB No. 407, of August 2, 2024.]

§ 2. The start of the execution of the special activity provided for in Article 4-A is conditioned on the prior compliance with the minimum limits of paid-up share capital and equity required in subsection III of the main text. [Included by Resolution BCB No. 407, of August 2, 2024.]

§ 3. The requirements for minimum equity limits referred to in subsections I and II of the main text must be complied with as of January 1, 2026. [Included by Resolution BCB No. 407, of August 2, 2024.]

§ 4. The provisions of § 3 apply to payment institutions that have formalized a request for authorization for operation at the Central Bank of Brazil until September 30, 2024. [Included by Resolution BCB No. 407, of August 2, 2024.]

Art. 17. [Revoked by Joint Resolution No. 14, of November 3, 2025.]

Art. 18. The capital of payment institutions must be paid up in current currency, except as provided in Article 19.

Sole Paragraph. In the case of payment institutions in operation, the provisions of the main text do not apply to capital paid up in periods prior to the requirement for authorization for operation, in accordance with Chapter IV. [Amended, effective as of December 1, 2022, by Resolution BCB No. 257, of November 16, 2022.]

Art. 19. Capital increases that are not made in current currency may only be paid up with resources originating from:

I - accumulated profits;

II - capital and profit reserves; or

III - credits to shareholders related to the payment of interest on equity, as provided for in Article 9 of Law No. 9.249, of December 26, 1995, or to the payment of dividends.

Sole Paragraph. The capital increases referred to in the main text do not require authorization from the Central Bank of Brazil.

Art. 20. [Revoked by Joint Resolution No. 14, of November 3, 2025.]

Art. 21. [Revoked by Joint Resolution No. 14, of November 3, 2025.]

CHAPTER VIII
OF THE APPLICATION OF FUNDS HELD IN PAYMENT ACCOUNTS

Art. 22. Electronic currency issuing institutions must maintain liquid resources corresponding to the balances of electronic currencies held in payment accounts, calculated at the close of the regular operating session of participants in the Reserve Transfer System (STR), plus:

I - balances of electronic currencies in transit between payment accounts within the same institution; and

II - values received by the institution for credit in a payment account, while not made available for free movement by the end user holder of the destination payment account.

§ 1. The resources calculated in the manner of the main text must be allocated exclusively to:

I - cash, at the Central Bank of Brazil; or

II - federal public bonds, registered in the Special Settlement and Custody System (Selic).

§ 2. In the case of allocation in cash, referred to in subsection I of § 1, the allocation must occur in the Electronic Currency Correspondent Account (CCME) owned by the electronic currency issuing institution at the Central Bank of Brazil, in accordance with the specific regulation that disciplines the CCME, considering the daily position recorded at the close of the regular operating session of participants in the Reserve Transfer System (STR), before the start of the additional window for contributions to Instant Payment Account (Conta PI), as provided for in the STR Regulation.

§ 3. In the case of allocation in federal public bonds registered in Selic, referred to in subsection II of § 1, the allocation may be carried out even through repurchase agreements, custodied in a specific account in that system, based on the daily position recorded at the close of Selic.

§ 4. In the repurchase agreements referred to in § 3, one of the contracting parties must be a multiple bank, commercial bank, or savings bank qualified to carry out these operations.

§ 5. It is prohibited to carry out a free movement agreement for the bonds subject to repurchase commitment in the repurchase agreements referred to in § 3.

§ 6. The federal public bonds referred to in subsection II of § 1 must:

I - be denominated in reais and acquired in the secondary market;

II - have a maximum term to maturity of 540 (five hundred and forty) days; and

III - not be referenced in foreign currency.

§ 6-A. The conditions established in § 6 do not apply to federal public bonds that are subject to repurchase agreements intended to fulfill the allocation required in § 1. [Included by Resolution BCB No. 407, of August 2, 2024.]

§ 7. The resources calculated in the manner of the main text must be recognized in specific accounting entries for the registration of the amounts:

I - deposited at the Central Bank of Brazil, in accordance with § 1, subsection I; and

II - allocated in federal public bonds, in accordance with § 1, subsection II.

§ 8. The gains resulting from the application of electronic currency balances in federal public bonds:

I - are freely movable by electronic currency issuing institutions; and

II - may be used, totally or partially, in favor of the holders of payment accounts.

Art. 23. In the event that the issuance of electronic currency is carried out by a multiple bank with commercial portfolio, commercial bank, or savings bank, the allocation of the resource balance must be carried out exclusively in cash, in accordance with Article 22, § 1, subsection I.

Sole Paragraph. The provisions of the main text do not apply in the case of issuance of electronic currency for exclusive use in payment of services and products of a specific segment, such as food, autonomous carriers, and culture.

Art. 24. The Central Bank of Brazil will publish the procedures related to compliance with the provisions of this Chapter.

CHAPTER IX
GENERAL PROVISIONS

Art. 25. Payment institutions must observe the regulation that provides for:

I - [Revoked, effective as of October 1, 2022, by Resolution BCB No. 155, of October 14, 2021.]

II - the charging of tariffs for the provision of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil; and

III - [Revoked, effective as of January 1, 2023, by Resolution BCB No. 260, of November 22, 2022.]

Art. 25-A. Until the issuance of a specific normative act on the subject by the Central Bank of Brazil, the regulation in force on the date of publication of this resolution that provides for preventive prudential measures intended to ensure the solidity, stability, and regular operation of the National Financial System applies to payment institutions. [Included by Resolution BCB No. 407, of August 2, 2024.]

CHAPTER X
FINAL PROVISIONS

Art. 26. The following are revoked:

I - Resolution BCB No. 49, of December 15, 2020;

II - Resolution BCB No. 24, of October 22, 2020;

III - Circular No. 3,974, of December 18, 2019;

IV - Article 11 of Circular No. 3,962, of September 24, 2019;

V - Circular No. 3,944, of May 29, 2019;

VI - Article 9 of Circular No. 3,898, of May 17, 2018;

VII - Circular No. 3,885, of March 26, 2018;

VIII - Article 1 of Circular No. 3,705, of April 24, 2014; and

IX - Articles 12, 13, and 18 of Circular No. 3,681, of November 4, 2013.

Art. 27. This Resolution enters into force on May 3, 2021.

Otávio
Ribeiro Damaso
Director of Regulation