16 April, 2021
PicPay adds 50m users; MACH and EBanx team up; New stats show reality of e-commerce

Key fintech and digital banking news this week: Brazilian digital wallet PicPay adds 50 million users; MACH and EBanx partner; and more.

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By Fabiola Seminario

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.

See also: Regulatory sandboxes in LatAm: Fintech test environments take shape

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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