For regions of the world like Latin America, payments are not yet digitised. In countries such as Brazil, there is a huge reliance on domestic payment solutions on account of the large unbanked segment of the population. Close to 44% of its total population doesn’t have a bank account. As a result, they rely on solutions like Boleto which is paper slip with a barcode or electronic voucher which can be scanned at any corner shop.

Traditionally banks have failed to satisfy the fast and booming online markets outside of Europe and the US, leaving an opportunity for digital-first, global payment processing companies. As a result, there is fierce competition in the space. However, Unlimit is rapidly gaining pace through the acquisition of Latin American Picpay and a partnership with Asian cross-border digital payment company Alipay+.