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Brazilian bank Bradesco launches Bitz and enters e-wallet market

Bradesco debuts in the digital wallet market aiming at unbanked Brazilians

REUTERS/Sergio Moraes
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  • The digital checking account will allow clients to store and transfer money, make payments and online purchases;
  • Cielo will provide Bitz with technology services.

Brazil’s second largest private-sector lender, Bradesco announced on Monday the start of operations of Bitz, the new subsidiary of the group, to offer individuals digital payment accounts.

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“Through the new company we will start offering the Bitz product, which is a digital wallet that will enable customers to store money, make payments, transfers, receipts, pre-paid mobile recharge, QRCode payments and online purchases in a wide network of acceptance,” said the bank.

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Bitz will have independent corporate and financial structures, but it will have the expertise and scale of Bradesco, as well as a strong distribution network. In a separate statement, Cielo said it was chosen as a technology service provider for Bitz.