Key fintech and digital banking news this week: Brazilian digital wallet PicPay adds 50 million users; MACH and EBanx partner; and more.
PicPay adds 50m users; MACH and EBanx team up; New stats show reality of e-commerce
PicPay, a mobile payments fintech in Brazil, has just surpassed 50 million users. The app, which seeks to position itself as the Brazilian WeChat, is currently valued at US$ 35 billion. The company says it’s on target to finish the year with 80 million users.
MACH and EBanx partner to facilitate international purchases
MACH, a fintech launched by Chile’s Banco de Crédito e Inversiones, and EBanx, the Brazil-headquartered payments enabler, will work together to facilitate international e-commerce. Through MACH Pay, Chileans will be able to buy from international websites through the digital wallet.
Neon becomes a Brazilian payment institution
The Brazilian fintech Neon has received authorization from the Central Bank of Brazil to operate as a payment institution, which allows it to issue and manage electronic money.
Online purchases rise, but still low, in Latin America
E-commerce has been a “lifeline” for business during the pandemic, according to Mastercard. However, the vast majority of purchases in Latin America still take place in person. Just 4.4% of retail sales went through e-commerce channels before the pandemic, a figure that rose to 6.8% during the crisis and currently stands at 5.1%, according to a study by the company.
BTG Pactual launches bitcoin investment fund
The Brazilian investment bank launched BTG Pactual Bitcoin 20 FIM, the first bitcoin investment fund from a bank in Brazil. Users can open accounts for free and invest as little as one real (US$ 0.18) in the cryptocurrency that hit a new ceiling – above US$ 64,000 per unit -this month.
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Key Fintech & Digital Banking News of the Week: CloudWalk and a55 Raise Capital; QED Investors launches a fund in LatAm.
Financing big-ticket purchases through “buy now, pay later” is a difficult model to get right in Latin America
This week’s key fintech and digital banking news
Messaging app with “gigantic power” gears up for Brazil entry
This week’s top: Nubank is rumored to be preparing a US IPO; Fintechs Merama and Warren raise big investment rounds.
Access to post-seed stage capital remains a challenge as the region’s ecosystem matures
- Chile regulates payment interchange; Fintech acquisitions & investments continue; & more
- “Inertia” is our biggest competitor, says Neon Pagamentos’ Pedro Conrade
- In beta, Itau’s Iti has hundreds of thousands of customers
- Webinars: The future of payments; Insurance and technology
- Webinars: Lending Technology; Digital payments; Women in Fintech; and more
- With gamification and better rewards, banks seek digital loyalty boost