The number of consumers using digital bank cards (45.6%) as the main card is already almost equal to the number of Brazilians using more cards from traditional financial institutions (49.8%), showed a survey commissioned by C6 Bank to Ipec.
The survey was carried out in April this year, with 2,000 Brazilians from all over the country with access to the internet. The rest of consumers (4.6%) use other types of cards, such as cards from retail chains.
“Fintechs and neobanks have brought much more competition, promoting financial inclusion in Brazil,” says Maxnaun Gutierrez, head of product and individuals at C6 Bank. “The credit card has become the Brazilian’s gateway to the financial system. And there is still a huge opportunity if we look at the number of people who do not yet have a credit card in the country.”
The survey also revealed that product adherence varies according to user age. Among the public aged 16 to 24, the number of users of digital bank cards in their daily lives is more than twice as many as the number of young people who use traditional bank cards.
In the Northeast region, cards from digital banks are more common. In class C and in cities with less than 50,000 inhabitants, there is a technical tie in the proportion between cards from neobanks or from large banks.
In 2020, a survey by UBS Evidence Lab showed that the number of downloads of digital banking apps (52%) exceeded for the first time that of traditional institutions apps (48%) in Brazil.
“Young people first arrived in the neobank, but financial digitization has been consolidating and reaching other groups,” explains Gutierrez. “At this moment, we have observed an increased adherence from the part of the population that is not a digital native. This was already happening, but the pandemic accelerated this process a lot.”
According to the C6 Bank/Ipec survey, 36% of respondents started a neobank account after March 2020 and 78% started using their digital accounts more frequently during the pandemic. Today, more than half of Brazilians with internet access (57%) already have a digital account; its lower cost compared to services offered by traditional banks was one of the biggest benefits.