Supporting Telefonica Brazil’s Foray Into Financial Services
with Rodrigo Gruner, Digital Services & Innovation Director - Telefonica Brazil
About Telefonica Brazil
Telefonica Brazil is a Brazilian telecommunications provider. It is a subsidiary of Telefonica, one of the largest telecommunications companies worldwide, with a significant presence in 14 countries and over 346 million accesses globally. As of 2019, Telefonica Brazil achieved a market share of 32.9%.
Telefonica Brazil’s rapid strides in financial services
Brazil's fintech sector is thriving. This is unsurprising, given that the country is home to one of the largest Latin America financial markets, and launched a nationwide digital transformation strategy in 2018 to increase digitalisation.
According to Statista, over two-thirds of Brazilians have started to use the new financial services, and the fintech adoption rate saw a 60% increase between 2017 and 2019. Insurtech, financial services for the gig economy and peer-to-peer lending are some examples of emerging trends in the sector.
The fintech space looks set for further expansion and faster innovations, which presents a spectrum of opportunities for Telefonica. The company has implemented digital payment initiatives through partnerships with payment solution providers and financial institutions, and is exploring opportunities to expand into other verticals.
"Fintech is one of the fastest growing sectors in Brazil, and we strive to keep ahead of what's happening in digital transformation and financial services.
We believe that mobile has sufficient potential to transform the way consumers make payments, manage their finances, purchase products and services and more. Mobile payments make day-to-day life more convenient for consumers, and are an alternative to exclusion from the traditional financial system.
A robust mobile commerce ecosystem is necessary to boost these digital services. This requires the participation of players across the digital economy space, including telecommunications operators, payment solution providers, digital media companies and app creators and providers.
We want to leverage on the footprint that we have as an organisation whose channels reach many places where other companies don’t.
In making our foray into the financial services sector, we’ve decided to partner with DOCOMO Digital. It’s a great experience to exchange knowledge and expertise with the people from DOCOMO, and to work with them.”
Digital Services & Innovation Director - Telefonica Brazil
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