Brazilians are adopting digital payments faster than anyone else — what lessons can we learn?
- Digital payments are an essential tool of financial inclusion and enfranchisement.
- Brazil is leading a Latin American boom in financial inclusion, with FinTech companies and Central Bank-led initiatives providing access to bank accounts for the first time to millions of people.
- The World Economic Forum has partnered with the Inter-American Development Bank to launch an initiative aimed at further expanding financial inclusion and unlocking digital trade opportunities in Latin America and the Caribbean.
Digital payments are driving a profound change in Brazil’s banking sector. Over the past 10 years, a silent revolution in Brazil has led to increased competition, more financial inclusion and lower banking fees.
The explosion of digital payments in Brazil has created an innovative financial ecosystem that works for ordinary people.
This progress is the result of a combination of an overhaul in the payments regulatory framework, intensive use of technology, entrepreneurship and a focus on creating products that address the needs of Brazilian customers.
By David Vélez, Founder and CEO, Nubank via World Economic Forum – This article is part of the