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Nubank and Mastercard released findings from a study on financial inclusion impact in Brazil, revealing the journey to financial health. The study shows that Brazil is advancing in financial inclusion, with 70% card penetration and high real-time payments usage. Providing access to financial services can lead to significant economic and social impact. Nubank's customers transition from access to usage within 24 months, with prepaid cards acting as a gateway to advanced financial products. While barriers to access persist, active product usage and financial education are important for sustainable benefits. Nubank emphasizes financial literacy in its products, aiming to empower consumers for better financial decisions. The study highlights the importance of digital payment tools, financial education, responsible credit use, and support for small enterprises in accelerating the journey towards long-term financial health in Brazil and beyond.
Nubank e Mastercard hanno pubblicato i risultati di uno studio sull'impatto dell'inclusione finanziaria in Brasile, svelando il percorso verso la salute finanziaria. Lo studio evidenzia che il Brasile sta avanzando nell'inclusione finanziaria, con una penetrazione delle carte del 70% e un alto utilizzo dei pagamenti in tempo reale. Fornire accesso ai servizi finanziari può portare a significativi impatti economici e sociali. I clienti di Nubank passano dall'accesso all'uso entro 24 mesi, con carte prepagate che fungono da trampolino di lancio per prodotti finanziari avanzati. Sebbene persistano barriere all'accesso, l'uso attivo dei prodotti e l'educazione finanziaria sono importanti per benefici sostenibili. Nubank enfatizza l'alfabetizzazione finanziaria nei suoi prodotti, con l'obiettivo di potenziare i consumatori per prendere decisioni finanziarie migliori. Lo studio mette in luce l'importanza degli strumenti di pagamento digitale, dell'educazione finanziaria, dell'uso responsabile del credito e del supporto alle piccole imprese nell'accelerare il cammino verso una salute finanziaria a lungo termine in Brasile e oltre.
Nubank y Mastercard revelaron los resultados de un estudio sobre el impacto de la inclusión financiera en Brasil, mostrando el camino hacia la salud financiera. El estudio demuestra que Brasil está avanzando en la inclusión financiera, con un 70% de penetración de tarjetas y un alto uso de pagos en tiempo real. Proporcionar acceso a los servicios financieros puede llevar a un impacto económico y social significativo. Los clientes de Nubank transitan de la accesibilidad al uso dentro de los 24 meses, con tarjetas prepagadas como puerta de entrada a productos financieros avanzados. Aunque persisten las barreras de acceso, el uso activo de productos y la educación financiera son importantes para beneficios sostenibles. Nubank enfatiza la alfabetización financiera en sus productos, con el objetivo de empoderar a los consumidores para que tomen mejores decisiones financieras. El estudio destaca la importancia de las herramientas de pago digital, la educación financiera, el uso responsable del crédito y el apoyo a las pequeñas empresas en acelerar el viaje hacia una salud financiera a largo plazo en Brasil y más allá.
누뱅크와 마스터카드는 브라질에서의 금융 포용의 영향에 대한 연구 결과를 발표했습니다. 이 연구는 브라질이 금융 포용을 향해 나아가고 있음을 보여줍니다. 카드 침투율은 70%이며 실시간 결제의 사용이 높습니다. 금융 서비스에 대한 접근을 제공하는 것은 중대한 경제적 및 사회적 영향을 미칠 수 있습니다. 누뱅크의 고객들은 24개월 내에 접근에서 사용으로 전환되며, 선불 카드는 고급 금융 제품으로의 관문 역할을 합니다. 접근 장벽이 여전히 존재하는 동안, 활발한 제품 사용과 금융 교육은 지속 가능한 혜택을 위해 중요합니다. 누뱅크는 그들의 제품에서 금융 문해력을 강조하며, 소비자가 더 나은 금융 결정을 내릴 수 있게 하는 것을 목표로 합니다. 연구는 디지털 결제 도구, 금융 교육, 책임감 있는 신용 이용 및 소규모 기업 지원의 중요성을 강조하며, 브라질 및 그 너머에서 장기적인 금융 건강으로의 여정을 가속화하는 데 이바지합니다.
Nubank et Mastercard ont publié les résultats d'une étude sur l'impact de l'inclusion financière au Brésil, révélant le chemin vers la santé financière. L'étude montre que le Brésil progresse dans l'inclusion financière, avec une pénétration des cartes de 70% et une utilisation élevée des paiements en temps réel. Donner accès aux services financiers peut entraîner un impact économique et social significatif. Les clients de Nubank passent de l'accès à l'utilisation en 24 mois, avec des cartes prépayées agissant comme une passerelle vers des produits financiers plus avancés. Bien que des barrières à l'accès persistent, l'utilisation active des produits et l'éducation financière sont importantes pour des avantages durables. Nubank souligne l'importance de la littératie financière dans ses produits, visant à autonomiser les consommateurs pour de meilleures décisions financières. L'étude met en lumière l'importance des outils de paiement numérique, de l'éducation financière, de l'utilisation responsable du crédit et du soutien aux petites entreprises pour accélérer le chemin vers une santé financière à long terme au Brésil et au-delà.
Nubank und Mastercard haben Ergebnisse einer Studie zur finanziellen Inklusion in Brasilien veröffentlicht, die den Weg zur finanziellen Gesundheit aufzeigt. Die Studie zeigt, dass Brasilien bei der finanziellen Inklusion Fortschritte macht, mit einer Kartenpenetration von 70% und einer hohen Nutzung von Echtzeitzahlungen. Der Zugang zu Finanzdienstleistungen kann erhebliche wirtschaftliche und soziale Auswirkungen haben. Nubank-Kunden wechseln innerhalb von 24 Monaten von Zugang zu Nutzung, wobei Prepaid-Karten als Einstiegspunkt für fortgeschrittene Finanzprodukte dienen. Obwohl Zugangsbarrieren bestehen bleiben, sind aktive Produktverwendung und finanzielle Bildung wichtig für nachhaltige Vorteile. Nubank betont die finanzielle Bildung in seinen Produkten, mit dem Ziel, Verbraucher zu befähigen, bessere finanzielle Entscheidungen zu treffen. Die Studie hebt die Bedeutung von digitalen Zahlungsinstrumenten, finanzieller Bildung, verantwortungsvoller Kreditnutzung und Unterstützung für kleine Unternehmen hervor, um den Weg zu langfristiger finanzieller Gesundheit in Brasilien und darüber hinaus zu beschleunigen.
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Analysis of pseudonymized and aggregated data from 3.6 million Nubank customers illustrates drivers and barriers along the journey to long-term financial health
NORTHAMPTON, MA / ACCESSWIRE / April 18, 2024 / Today, Nubank and Mastercard released findings from a study measuring the financial inclusion impact on individuals, including some who have historically been on the margins of the traditional banking system in Brazil.1 The study provides a view of customers' experiences accessing and using financial solutions and tools, and the impact of those experiences on their ability to advance toward financial security and health. The four-part framework used in the study - access, usage, security, health - illustrates the holistic, non-linear journey of financial inclusion. While the study was developed in Brazil, the methodology allows the insights to potentially be applied in other countries around the world.
The study, which analyzed consumer behaviors and needs through pseudonymized and aggregated quantitative data and qualitative surveys with Nubank's customers and non-customers, suggests that Brazil stands out in Latin America for being at a stage of growing financial inclusion, with 70% card penetration (i.e. individuals owning a debit or credit card, according to the World Bank Global Findex), 55% card usage and a high level of real-time payments usage.2 The elimination of typical infrastructure barriers to financial inclusion makes Brazil an advantageous market for studying the process and impact of financial inclusion independent of those barriers.
The data revealed that providing the unbanked and underbanked (i.e. those who lack access to credit and rely heavily on cash) populations access to financial services can potentially generate significant economic and social impact. Sixty percent of Nubank's customers moved from financial access to usage in 24 months and 40% within 12 months, regardless of income level. The study also suggests that making payments with prepaid cards can be a stepping stone to accessing advanced financial products. More than three-quarters (80%) of people who used a prepaid card used it as their first financial product, 67% went on to access loan products, and 36% progressed to make investments.
While barriers to access remain, it is essential that those who do have access are reaping the full benefits from their financial accounts. In Brazil, 84% of adults have access to financial accounts, but they may lack financial education to progress along the inclusion journey. Active financial product usage may also increase familiarity and trust, leading to accelerated financial inclusion.
"Since Nubank was founded, financial education has always been one of our pillars and it is also present in the design of our products and services in order to empower consumers to make the best decisions for their lives and have control over their money," says Cristina Junqueira, co-founder and Chief Growth Officer from Nubank. "Although access to financial services in and of itself has had a major impact, advancing the literacy journey on these topics brings greater and more sustainable benefits not only to individuals, but to the community as a whole."
Providing digital payment tools accompanied by financial education (e.g., according to Nubank, its "Money Boxes" are designed to offer financial planning in combination with interest-bearing savings accounts), encouraging responsible use of credit, and investing in micro, small and medium enterprises can be key ways to bring more people into the digital economy and help accelerate their journey to long-term, sustainable financial health. By applying the findings from this study, innovative solutions can be designed and deployed with the potential to empower people and power economies in Brazil and beyond.
"The journey to financial security and health is non-linear and full of obstacles - the only way to accelerate this journey is by understanding the barriers and then building and deploying inclusive digital solutions," said Mastercard's Marcelo Tangioni, division president, Brazil. "Through this study, we have clear evidence that frequent, consistent and responsible use of digital payment tools is critical to building trust and putting people on a path towards a more sustainable financial health."
For additional information, read the full report here.
Information about Nubank and its product and service offerings has been provided by Nubank. For more information including terms and conditions related to such products and services, as well as their privacy and data protection policies, please visit Nubank's website.
Notes to Editors:
Survey Methodology
Survey: Boston Consulting Group (BCG) surveyed ~2,000 consumers across the Brazilian market
Interviews: Consumer interviews and focus groups, global expert interviews
Customer Data Analysis: 3 years of aggregated and pseudonymized transaction-level data for 3.6 million anonymized customers
About Nubank Nu was born in 2013 with the mission of fighting complexity to empower people every day, reinventing financial services. We are one of the largest digital financial services platforms in the world, serving around 94 million customers in Brazil, Mexico and Colombia. In our leadership position, we use proprietary technology and innovative practices to create new financial solutions and experiences for individuals and SMBs. Everything we deliver is simple, intuitive, convenient, low-cost, empowering and human. Always guided by our mission, we are contributing to increasing financial access in Latin America.
About Mastercard (NYSE: MA) Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
What did Nubank and Mastercard study reveal about financial inclusion?
The study analyzed the impact of financial inclusion on individuals in Brazil, showing the journey towards financial health.
What is the card penetration rate in Brazil according to the study?
Brazil has a 70% card penetration rate, indicating a significant level of financial inclusion.
How do Nubank's customers transition from access to usage of financial products?
Nubank's customers move from financial access to usage within 24 months, with prepaid cards serving as a gateway to advanced financial products.
What role does financial education play in the study's findings?
Financial education is important for sustainable benefits, empowering individuals to make informed financial decisions.
How can digital payment tools and financial education accelerate the journey to financial health?
Digital payment tools, financial education, responsible credit use, and support for small enterprises can accelerate the journey towards long-term financial health.
Mastercard Inc. is the second-largest payment-processing corporation worldwide. It offers a range of financial services. Its headquarters are in Purchase, New York.
