London-based global fintech Unlimint, has, today, announced it is expanding its local payment methods portfolio with the addition of Latin America’s largest digital wallet, PicPay. The platform will enable merchants to access over 60 million customers in the region. Unlimint is an award-winning global fintech offering advanced payment capabilities through an evolving financial interface to businesses across the globe, operating from five continents.
PicPay is one of the most popular payment applications within the LatAm region and has the largest number of users in Brazil. Merchants who want to expand into the region can ensure they remain competitive as the new payment method will enable them to integrate the most used local e-wallet into their business. By adding PicPay to its portfolio, Unlimint will allow merchants to expand into the LatAm market more easily and seamlessly. European and UK businesses will be able to offer regional clients a full set of payment methods to choose from, including the local e-wallet, cash-based payments, and standard cards.
The COVID-19 pandemic has brought accelerated digital transformation forcing many to embrace new technologies, such as online payment solutions and banking apps. Research by Statista shows that the number of online consumers in Latin America is set to grow over 20 percent by 2025 and it is expected to hit $160 billion USD by the same year. According to KPMG’s Pulse of Fintech report, about 10.8 million Latin Americans made their first ever online purchase during the first lockdowns, and in 2021 alone fintech investment reached $5 billion USD.
Commenting on the portfolio expansion, Irene Skrynova, Chief Customer Officer at Unlimint, said:
“We are delighted to be able to offer one more alternative payment method to businesses in LatAm. Adding PicPay to our portfolio proves Unlimint is committed to enabling clients to grow anywhere in the world. It is important for any European merchant that wants to expand into that region, as many people in LatAm still use alternative or cash-based methods. If businesses outside the region do not offer local payment methods, they are essentially losing a huge chunk of the market.”