Users of various mobile payment apps in Brazil in 2020, with forecasts to 2025
Although the user count of the MercadoPago app is expected to increase four-fold between 2020 and 2025, it would still have less users than fintech PicPay. This according to a forecast made in Q2 2021 on how many people in Brazil would use specific apps for mobile payments. Noticeable for this particular country is how popular both PicPay and MercadoPago are compared to PayPal. Brazilian P2P fintech PicPay allows a user to connect a credit card to its app, so it can be used either for P2P payments to friends or family, B2C payments in retail or to withdraw money from ATMs. The app also features its own creditcard, e-commerce and social networking options. This is somewhat different from MercadoPago, originally a payment solution offered on the platform of - what some call - "the Latin American Amazon" MercadoLibre but that later was made available to mobile point of sale machines from SMEs in Brazil.