As Brazilian payment apps multiply, some warn of a shakeout


These apps challenge the dominance of an initial wave of online banks like SoftBank-backed Banco Inter SA and Tencent-backed Nubank as they seek to grab a piece of Brazil's 9.4tril real (RM9.57tril) of banking assets. — Reuters

SAO PAULO: Banking apps backed by SoftBank Group Corp, China's Tencent Holdings Ltd and others are proliferating in Brazil, offering such a dizzying array of choices that skeptics say a shakeout looks increasingly inevitable.

Customers can shop, open no-fee checking accounts and take out loans using digital wallets from retailers like Lojas Americanas, e-commerce platform Mercadolibre Inc and even small football team Avai.

Subscribe now and get 30% off The Star Yearly Plan

Monthly Plan

RM 13.90/month

RM 9.73/month

Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 8.63/month

Billed as RM 103.60 for the 1st year, RM 148 thereafter.


Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


All Headlines:

Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a subscriber? Log In