Banco Safra SA has launched a new point-of-sale, or POS, card payment processing device that will compete directly with payment processors Cielo, Bradesco, Banco do Brasil, and Itaú Network, Estadão reported.

The new system, called SafraPay, began to be leased to São Paulo retailers earlier this month, the report noted, and will initially focus on companies with annual revenues of at least 1 million Brazilian reais.

The service currently only operates in São Paulo, but the intention is to expand throughout the country "quickly," the report said.

Safra's retail manager Gustavo Gomes said the bank will offer competitive rates but didn't disclose the fees that the bank will charge for transactions.

As of May 26, US$1 was equivalent to 3.27 Brazilian reais.