FILE PHOTO: A man walks past a logo of Alphabet Inc's Google in front of at an office building in Zurich, Switzerland July 1, 2020. REUTERS/Arnd Wiegmann/File Photo
SAO PAULO (Reuters) - Alphabet's 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.
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