Five years after becoming popular among young people in search of less bureaucracy and more modernity, digital banks are starting to turn their gaze to another group: children and teenagers. New card releases are now focusing on minors in Brazil.
Only in 2020, Yours Bank, Yellow (belonging to C6 Bank), NextJoy (from Next bank) and Conta Kids, from Banco Inter, have debuted on the market. Shortly before, in 2019, Z1 was launched, a digital account for teenagers that makes reference to Generation Z (born between 1995 and 2010).
The service repeats the appeal of its adult versions. They are practical: you can open an account just by accessing the application and with your CPF in hand — in some cases, even a birth certificate is enough. In general, no fee is charged: the profit from the operation comes from the bank's negotiations with customers' money. And all add the same attribute to their brands: financial education. The training proposal is one of the traits of Brazilian fintechs, which were developed as a friendly tool for those who want to learn how to handle money and invest.
Translated by Kiratiana Freelon