Yesterday a rumor appears on some Brazilian news website about N26 may have being preparing to leave Brazil because low results (text in Portuguese) https://neofeed.com.br/negocios/o-banco-digital-alemao-n26-vai-sair-do-brasil/
Honestly I didn’t have a account there beside being tempted by the transparent card, it arrived here without a differential that would justify having the account.
They arrived being just another digital account that we are already saturated of, every single big store that used to offering a credit card 10 years ago, now offers discounts by opening an account on their app and using it to pay
N26 arriving here without what they were known by, the option to have international accounts or at least others currencies and without Apple Pay, the reason most people that I know in Europe had an N26 account was for having Apple Pay because their bank didn’t had it.
Their only thing they almost did right was offering a credit card but that wasn’t enough to attract customers, their app was crude and not the same one used in Europe.
I already told on another topic what I think need to be improved for Brazil Brazilian Feedbacks & Comments
But here a summary of the comments discussed we had in the Brazilian group of digital wallet users:
Revolut seems to be going on a good way, by using the same app was the rest of the world instead a specific Brazilian one (like N26 messy app) but we need a fully Brazilian account functionality first, to take it serious!
A debit card that works on BRL balance without having to convert it to another currency.
PIX (instantly bank transfers and payments, also allow withdrawals on stores and lottery).
Boleto payment functionality, beside boleto being going on the way of the Dodo being replaced by PIX, it’s still the default and most common collection method for bills and taxes.
People like having multiple currencies on the same account, revolut does it right being simple and functional!
But being just another a free digital account here isn’t enough, because we already have a lot of those, having balance in another currency is an very attractive feature, we have a few fintech that offers international accounts with a USA banking numbers and debit card that becomes attractive for some geeks because having an ‘Merican debit card we can contract/use ‘merica App Store and purchase Apple care for ours iDevices since it isn’t available here, (unavailable to buy, but they will repaired/exchange for free since because isn’t offered here they won’t know how much to charge) and other with more wealth uses it to have USA credit card (even the non annual fee ones) that are more interesting (points and benefits) than the ones offered here.
Revolut needs a credit card, could even being a “secure credit card” by having the limit being something “invested” on the bank to guarantee that the client won’t disappear leaving unpaid bills (several fintech here are doing like this now, because the market didn’t yet recover from the pandemic), having a limit by investing on something and earning some interest with basically no risk for the bank.
Batter than some other fintech (cof cof C6 cof cof) that offered black credit cards like free candy and “when the bill arrived” they cut credit limits of almost everybody even from people who always pay on time
(Imagine having a card with a limit that you could buy a brand new car one day and on the next day you cannot buy a single McDonald’s ice cream )
Basically revolut needs to get the basics going just right to gain the trust of the market, because at the first mistake people will tell everybody how bad they are, like C6 who bought a small financing company that had some bad behavior of forcing loans (some fraudulent, supposedly) on seniors citizens discounting directly from their pensions and that purchase got them burned by being on the top 10 complained bank on the Brazilian central bank.