The future of finance in LatAm & the Caribbean

Pix testing starts in Brazil; Peruvians flock to in-app payments; Banks suffer in pandemic

Jul 31, 2020

By Fabiola Seminario
#TopNews: Here’s the LatAm banking innovation, payments and fintech news that you need to know this week


Original begins testing PIX and has interoperability plans

Banco Original, a Brazilian digital bank, has started testing PIX, the free interbank transfer system that the Brazilian Central Bank will launch later this year. Original{s strategy is to promote the use of PIX along with other technological solutions that include its PicPay digital wallet (available to customers and non-customers) and its API platform.

In-app payments take hold in Peru

With an average higher than in Latin America, Peru is the country where in-app payments are one of the dominant P2P digital payment methods, according to Minsait Payments. Still, electronic payments in Peru are hampered led by distrust of the system, lack of acceptance in shops, among other factors.

Finnu closes investment round

Finnu, a Spanish digital credit fintech, whose loans are backed by mobile devices, has just closed an $800,000 seed investment round with investors from the United Kingdom, Bolivia, among others. Their market focus, is in Latin America. The operation start will begin in Mexico with a view to an expansion into Colombia.

See also: Instant payments Colombia: Transfiya transfers multiply

Mastercard and Microsoft collaborate in e-commerce

Microsoft and Mastercard will work together digital commerce, financial inclusion and security, together with all the technical and technological expertise of both businesses.

BBVA, Santander increase provisions, lose billions

BBVA and Santander, two of the largest banks worldwide, showed a pessimistic outlook on the economy in their financial results for the second quarter. BBVA apportioned “extraordinary provisions”, especially in Mexico, to cover potential deterioration in the credit portfolio, and reported a loss of EUR1.2 billion. Santander increased its provisions by 47% in Mexico due to the pandemic and reported a loss of EUR 11 billion.

See also: Retailer Unicomer launches fintech credit, QR payments play

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