Brazil has launched a new digital savings account, Poupança Social, specifically designed for distributing benefit payments under federal government programs. This initiative aims to provide beneficiaries with convenient access to a variety of services, including online payments, money transfers, bill payments, mobile top-ups, digital card transactions, and cash withdrawals, as reported by Brasil 247, a partner of TV BRICS.
The account is automatically set up by the relevant government agency managing the specific benefits. Users can easily activate their accounts through a dedicated app. New users will create their passwords digitally, while existing customers will automatically receive a savings option added to their current accounts, allowing them to continue using their existing cards and passwords seamlessly.
Poupança Social is designed to support various social programs at the municipal, state, and federal levels, aimed at providing financial assistance for essential needs such as rent, medicine, food, and school supplies.
The initiative particularly targets vulnerable populations, including young athletes in training, providing them with financial support and opportunities for personal development.
