Digital Banking: Nubank’s PJ Account Reaches 3M+ Clients

Nubank (NYSE: NU), one of the largest digital financial services platforms in the world, has just surpassed the milestone of three million PJ customers.

In the segment for almost four years, the company currently “has the largest number of PJ users with an open bank account in the country, with a 60% growth in the last year and leadership in the competitive NPS (Net Promoter Score – Source: NPS Prism benchmark report) ranking of customer relationships in this sector in the second half of 2022.”

Livia Chanes, leader of Nubank’s operations in Brazil, said:

“Nubank exists to eliminate complexity, and we know that this is a latent pain among the entrepreneurial public, which seeks ease of mind to focus on their business without unnecessary concerns with bureaucracy and abusive fees that could be used to advance the business. With this in mind, we started to develop services for this segment. We want to be true partners in this entrepreneurial journey and help facilitate the routine of business owners.”

In a survey conducted in May this year, 58% of PJ customers said they “use Nubank as their primary account.”

In addition, the company currently “has about 10 million entrepreneurs in its total customer base.” Of its three million current PJ users, 76% “are MEI (individual microentrepreneurs), and the rest comprise other types of businesses, such as micro and small enterprises.”

Nubank was “one of the first financial institutions to waive Pix transaction fees for entrepreneurs.” Currently, the company “has 3.5 million registered PJ Pix keys, growing 66% in the last year. In addition, 91% of PJ customers say they receive payments via Pix.”

The company claims it is “a pioneer in opening PJ accounts in a 100% digital process via cell phone, free of charge and instantly.”

PJ customers have “access to an account, credit and debit card with no monthly or annual fees, and payment methods at competitive rates, such as NuTap, a 100% digital PoS that operates within the application, NuPay, to charge Nubank customers and immediately receive payments on credit in cash or up to 12 installments, and the payment link, a way to make credit and cash charges for products and services directly from the app.”

Another benefit recently “added to the account is Meus Impostos MEI (My MEI Taxes), a centralized feature within the app for issuing and paying the monthly tax (Guia DAS).”

The Payment Assistant is “yet another solution, that helps to manage and remember the due date of bills, recurring transfers, and other bills that the entrepreneur must pay.”

Nubank offers the possibility “to open a PJ account for individual entrepreneurs and companies with more than one partner, provided all managing partners are also Nubank customers.”

To create a PJ account, simply “log into the Nubank application, and from the home screen, click on the profile icon and select the option ‘Request PJ account’.”

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