Biggest buy now, pay later (BNPL) apps in Brazil 2015-2023, based on downloads
Pure play BNPL providers VirtusPay and Addi in Brazil did not attract as many downloads in 2023 as PayPal. This is according to research into approximately 150 different apps that either offer buy now, pay later directly, or are closely affiliated with it. Brazil is a case in point, as many predict the success of BNPL relies on a potential integration of the new payment method within Brazil's popular instant payment (IP) ecosystem. Fintech RecargaPay offers Pix payment options alongside small loans. Addi is a notable BNPL start-up within the country. The Bogota-based company raised 140 million U.S. dollars worth of venture capital and was planning to expand to Mexico in 2022. Consumers can use the app to split purchases across three months, although it does allow extending this to up to 24 months.