Brazil has introduced Poupança Social, a new digital savings account designed specifically for benefit payments under Brazilian federal government programmes. The initiative provides beneficiaries with easy access to a range of services, including online payments, money transfers, bill payments, mobile top-ups, digital card transactions, and cash withdrawals. This is reported by Brasil 247, a partner of TV BRICS.

The account is automatically created by the government agency responsible for the relevant benefit, and users can activate it through a special app. New users will create their passwords digitally, and existing customers will automatically add a savings variation to their current account, allowing them to seamlessly utilise their existing cards and passwords.

Poupança Social supports various social programmes at the municipal, state, and federal levels. These programmes are designed to provide financial assistance for needs such as rent, medicine, food, school supplies, and more. The funds specifically target vulnerable people, including young athletes in training, offering them financial assistance and opportunities for personal growth.

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