Brazilian digital banks on the rise: 21 million downloads just in May

Bank of America report shows an increase in digital banking app downloads while traditional banks decline

Nubank launches credit card in Mexico
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Brazilian neobanks and digital wallets continue to attract new users: just in May, their apps were downloaded 20.880 million times, according to a Bank of America report that monitors data from the Apple Store and Google Play. It is the fourth consecutive month that they have surpassed the 20 million downloads mark. Traditional banking apps had 7.451 million downloads, 8.7% less than the downloads registered in April.

Among neobanks, Nubank leads the ranking of most downloaded apps, with 2.706 million downloads, followed by Banco Pan (2.336 million), PicPay (2.212 million), PagBank (2.104 million) and C6 Bank (1.463 million).

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Among traditional banks, Caixa appears in the first place, with 1.742 million downloads; in second is the Caixa Tem‘s app (1.681 million), followed by Banco do Brasil (1.195 million), Bradesco (1.041 million), Santander (973,000) and Itaú (910,000).

According to the report, downloads increased in May driven by Banco Pan. Furthermore, Pan reached 11.2 million monthly active users and surpassed PicPay’s 10 million. Leading the monthly active users ranking is Nubank, with 31 million, PagBank, with 22.7 million, and Mercado Pago, with 15 million.

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Among the e-wallets, iti, from Itaú, stood out for tripling downloads in the year and surpassing Mercado Pago in May, with 1.4 million downloads while Mercado Pago was downloaded 1.3 million times.

The report also brings data about investment platforms, whose downloads also increased – there were 1.762 million in total, 7% more than in April. BTG Pactual‘s app had nearly 1 million downloads in May and reached 4.6 million downloads in total, ranking third overall, behind XP, whose app has already been downloaded 5.9 million times, and from Rico, which has 5.1 million downloads.

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