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Company News

Brazil's Bradesco launches digital wallet aimed at unbanked population

SAO PAULO, Sept 14 (Reuters) - Brazil’s second largest private-sector lender, Banco Bradesco SA, has launched a subsidiary named BITZ to offer individuals digital payment accounts, according to a securities filing on Monday.

The bank said it is mainly aimed at people who do not have a bank account, offering a new digital checking account which will allow clients to store and transfer money, make payments and online purchases.

Brazilian payments processor Cielo SA CIEL3.SA> said in a separate securities filing it will provide BITZ with technology services.

Around one-third of Brazilians do not have a bank account, one of the highest ratios in the world. (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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