Brazilian fintech Nubank plans to launch a digital banking account that enables users to make transfers, pay bills and maintain online savings account with a market leading interest rate.
Nubank currently has 2.5 million customers using its credit card services. The digital banking solution, which is in its beta phase, will be rolled out to customers after completion of a testing phase.
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The new solution enables Nubank to offer services to 60 million people, who does not have access to banking facilities in Brazil.
Brazil’s central bank has certified Nubank as a payment institution and this provision allows it to use customer’s money to invest in public debt and offer customers an improved interest rate.
Nubank founder and CEO David Velez said: “We’re not trying to make money with these accounts, but we’re also not trying to lose money.
“We’re really looking to China as a country that shows the future of money-much more than the United States or Europe.”
