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.