27 June, 2020
WhatsApp Pay suspended; Falabella launches digital account; Rappi, Banorte join forces

#TopNewsThis week’s top digital banking and fintech news from Latin America 

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By Fabiola Seminario

 

WhatsApp Pay is suspended in Brazil

After less than a week of operations, the WhatsApp payments feature has been suspended in Brazil by order of the Central Bank of Brazil. According to the regulator, the decision was made to “preserve an adequate competitive environment that guarantees the operation of an interoperable, fast, secure, transparent, open and economic payment system.”

Falabella Financiero preps digital account

Falabella Financiero, the financing arm of the Chilean retailer, has announced that, together with Mastercard, it will launch its first 100% digital current account. The product is expect to hit the market by the end of this year.

Rappi and Banorte team up in Mexico

Banorte has announced a joint venture with Rappi in Mexico, with the aim of exploiting synergies between the two companies. The deal is subject to normal regulatory scrutiny. We expect more details soon on what products and services the pair will offer.

Investments and acquisitions

Mastercard acquires Finicity to promote open banking strategy

Mastercard has purchased Finicity, a provider of data and financial information, for US $ 825 million. The deal will strengthen Mastercard’s open banking capabilities and improve data protection, the buyer said. The transaction is scheduled to close at the end of the year.

ePesos closes debt investment for US $ 21 million

Accial Capital, a US fintech investor, has agreed to a debt round of US $ 21 million for the Mexican fintech ePesos. The financing is intended to grow the loan portfolio of ePesos, fintech that offers payroll advances.

Catalyst Fund welcomes 6 new startups

Mexican fintechs MangoLife and Graviti have been selected by the Catalyst Fund to join their portfolio. MangoLife, which offers digital insurance, and Graviti, which offers credits for specific purposes, are part of a group of six startups chosen by the inclusive global accelerator.

Trends and features

Gen Z still prefers paying by card

Plastic cards are the preferred payment channel for Generation Z (the post-millennial generation), according to study that also suggests that cash is losing popularity and mobile payments are slightly more favored. You can also explore other interesting facts here.

Ualá adds credit function

Argentine fintech Uala is taking advantage of the low access to credit to offer a new “quota” function in its app. The feature allows customers to pay for goods and services in instalments.

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