• CAIXA Tem, a lightweight app where you can consult worker services, social benefits, make purchases, payments and transfers with your CAIXA account, was the most downloaded Brazilian FinTech app in the second quarter of 2022 with 12.6m downloads in total, an 84% increase from the previous quarter. The app was first launched in April 2020 and has been downloaded 71.9m times which is equivalent to one in three Brazilians (Brazil population of 212.6m).
• WealthTech apps dominated in Q2 2022 accounting for three of the top five most downloaded FinTech apps in Brazil and in 2020, there were roughly 198 million active mobile banking accounts. PayTech was the second most dominant sector, accounting for two of the apps listed and total transaction value in the digital payments sector is projected to reach $68bn for Brazil in 2022 and has a CAGR of 17.45% from 2022 to 2027.
• Brazil’s central bank chief Roberto Campos Neto stated on 12th August that he believes credit cards are likely to disappear in the future due to growth in account-to-account based open payments. Speaking at an event about cryptocurrencies, Campos Neto projected that users will soon control all aspects of their financial life in one “integrator” on their mobile, rather than having many apps from different banks. This will allow the development of cash management products for individuals and users to choose between, with payments handled by the Pix instant payment system, he added.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global