Brazil is the third biggest market in volume of usership to financial apps in the world, behind China and India, according to the Mobile Finance Apps 2020 report, released by marketing platform Liftoff, in partnership with App Annie. The report is based on data from 2019, but it includes an afterword stationg that the volume of financial apps sessions increased by 35% during the COVID-19 pandemic in the country.
Among the highlights, there is the fact that Nubank has the most used finance app in Brazil followed by apps of FGTS, PicPay, Caixa Econômica Federal and Mercado Pago.
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Among the country’s top five, only one app (from the state-owned Caixa Econômica Federal) is offered by a traditional bank and three come from fintechs. FGTS offers consultation to the Severance Indemnity Fund, a mandatory fund that employers must keep for each registered worker, and which is also administered by Caixa Econômica.
Nubank also stands out as one of the financial apps that grew the most in number of downloads in the world in 2019. The number of times it was downloaded increased by 50% last year. This places the Brazilian fintech in 9th place among the top apps of the genre in the past year.
In 2019, consumers accessed finance apps over one trillion times. Investment in finance apps is also seeing record growth. In the first three quarters of 2019 alone, finance apps raised more than $3 billion in venture funding. “This dynamic is driving a global arms race as fintech companies, neobanks and super apps compete for audience and market share”, says the report. Indonesia, Japan, Russia, India and Brazil are the Top 5 markets in growth of monthly active users (MAUs).
According to the study, data from 117 apps in the 12 most important markets in the world were analyzed between January 1 and December 31, 2019. There were 22 billion impressions, 382 million clicks and 7 million installations.