Happy Friday! Today, we talk about how mobile banking has become the norm for Brazilians. New data on the job market. And a plan to help indebted states.
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How mobile banking took over Brazil
![PIX and mobile banking have become ubiquitous in Brazil. Photo: Marcio BNws/Shuttestock](https://brazilian.report/wp-content/uploads/2024/06/shutterstock_2381132281.jpg)
New data from Febraban, the Brazilian Banking Federation, shows that Brazilians made 70 percent of their money transactions via smartphones in 2023 — up from 43 percent in 2019.
State of play. Since 2019, the use of smartphones for banking relations rose by 251 percent to 130.7 billion operations last year. “The cell phone is the bank for Brazilians,” said Febraban’s Rodrigo Mulinari during the 2024 Febraban Tech event.
- “There is an increasing range of service offerings on digital channels; the aggregation of services from other partners, from marketplaces, which add services to banking apps, and, obviously, PIX, which has experienced very strong growth since its launch,” he added.
- Only 7 percent of transactions in 2023 were made through in-person channels. Among active mobile clients, 72 percent are considered “heavy users,” that is, they do more than...