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Nubank, FGTS and PicPay were the most popular finance apps in Brazil in 2019, says study


In addition to Nubank, PicPay and Mercado Pago digital wallets are on the list (Photo: Shutterstock)

Considered the largest Brazilian fintech today, Nubank is also responsible for the finance application most accessed by Brazilians in 2019. This is shown in the Mobile Finance Apps 2020 report, which provides an overview of the use of popular financial platforms in the world.

According to the study, developed by App Annie in partnership with the marketing company Liftoff, Brazil had more than 50 billion accesses to financial applications in the last year. The result leaves the country only behind China and India in the same aspect in the global scenario.

The survey looked at 117 apps in the 12 most important markets in the world between January 1 and December 31, 2019. There were 22 billion impressions, 382 million clicks and 7 million installations.

Nubank and other fintechs on the rise

In addition to the leadership of Nubank, according to the report, the “top 5” of most accessed apps in Brazil also has two other fintechs, responsible for digital wallets: PicPay (3rd) and Mercado Pago (5th). The apps on FGTS (2nd) and Caixa Econômica Federal (4th) complete the list.

According to FintechLab Radar – with data for July 2019 – there are 529 fintechs in operation in Brazil, making it the country with the most companies of its kind in Latin America.

“Brazil has proved to be a very fertile ground for fintechs and other more technological and less bureaucratic alternatives to take care of money. In this sense, finance applications have everything to continue growing and consolidating in the country, both the most modern and 100% digital banks, as well as the most traditional ones ”, says Liftoff's country manager in Brazil, Antonio Affonseca, in a press release .

The report, however, does not describe the number of downloads each application has had over the past year.

'Coronavirus effect'

The report also has some impressions for this year, due to the impact of the coronavirus pandemic. Financial apps are expected to become even more popular, due to closed bank branches and mobility restrictions.

In Brazil, according to the study, it was possible to notice a 35% growth in the total hours spent on these apps during the first week of March compared to the last week of the year. The rate was even higher in South Korea and Japan (85%), countries that felt the effects of the so-called Covid-19 earlier than Brazil.

“During this period of pandemic, it is natural for people to access financial apps more, since bank branches are closed. Emergency assistance from the federal government also requires registration that can be done via an application, and this should further increase the movement in these applications ”, analyzes Affonseca.

Payment for emergency assistance is basically made through accounts at Caixa Econômica Federal and Banco do Brasil. The beneficiary, however, if you prefer, can use other digital accounts, such as those of Nubank and Banco Inter, to receive the money.

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