According to a survey carried out by the Brazilian Banking Federation (FEBRABAN), the country’s mobile banking transaction grew by 24 per cent year on year in 2018. Earlier, mobiles were rather used to check bank statements. But now, more and more Brazilians rely on app-based platforms to complete financial activities such as money transfer, and bill payments. According to the survey, money transferring activities are up by 80 per cent in 2018, as compared to 2017.

According to the FEBRABAN survey, some 1.6 billion bills were paid by Brazilians using mobile devices in 2019. Six out of 10 banking transactions in Brazil is were carried out online, either through a mobile device or a computer.

The changing trend can be explained by the fast-paced lifestyle which most of the Brazilians are accustomed to nowadays. Another factor is the security offered by the online platforms, and also the convenience of carrying out a banking activity from one’s living room.

“The ability to make banking transactions using only one handheld device, the smartphone, has brought convenience, functionality, speed, and the bank’s presence in the customer’s life anywhere, 24 hours per day, seven days a week,” says FEBRABAN director, Gustavo Fosse told the Rio Times.

With the option to access loans on mobile phone available, Brazil bank customers sent out over 250 million loan applications from mobile phones in 2018.

Fosse noted that with digital banking facilities now widely available, mobile banking will only grow in Brazil.

The FEBRABAN survey, conducted by Deloitte, took into account 17 banks with the largest operations in Brazil.