Brazil is the most enthusiastic country toward the use of generative artificial intelligence (AI) – and the numbers are here to prove this.
Elon Musk’s xAI has recently unveiled its newest generative AI tool for X (former Twitter), Grok. The technology will gather real-time insights from X to power its chatbot – like OpenAI’s ChatGPT but, as Musk puts it, “designed to have a little humor in its responses.”
As X’s fourth largest audience, adding up to 24 million users, Grok is certain to foster AI adoption in Brazil. Not that the country is behind in this aspect, though: according to a study carried out by Getty Images, Latin America leads the ranking when it comes to interest and enthusiasm for artificial intelligence technologies, and, in Brazil specifically, four out of six believe AI can bring a positive impact on their lives. In fact, FrontierView forecasts that AI can contribute to a 4,2% increase in Brazil’s GDP by 2030.
And Brazilians are already making the most out of AI for daily uses. Online graphic design platform Canva – which receives nearly 10% of its traffic from Brazil, placing the country 2nd in user ranking –has seen increased interest over time from Brazilian users when it announced its free AI image generator. Just look at the Google Trends insights from the past 12 months:
So, if Brazilians are showing such interest in AI for day-to-day tools, could there be room for this technology in payments as well?
The AI Scene in Brazilian Payments
Generative AI is already being used by major banks across the globe. Goldman Sachs CIO Marco Argenti revealed in an interview that the technology is being used for extracting information from complex documents related to lows and mortgages, for instance.
On the other hand, Deutsche Bank has recently partnered with Nvidia to incorporate artificial intelligence into its financial services, including smart avatars, speech AI, fraud detection, and risk management.
Brazil, as the most enthusiastic country toward AI technology according to Getty Images, is also on the runway to payment innovation with artificial intelligence.
The Brazilian fintech PicPay, with over 60 million users, already uses generative AI with Microsoft. The app uses Azure OpenAI Service to answer users’ questions.
Meanwhile, the Central Bank of Brazil is also looking into artificial intelligence. After launching Pix, the country’s cutting-edge instant payment, and Drex, Brazil’s CBDC, the institution now aims to improve Brazilians’ financial lives by implementing AI in its super app. This system will aggregate payments, credit, and money transfers from all banks in one place.
Read also: Pix in 2023: main developments on Brazil’s instant payment
According to the President of the Central Bank of Brazil, Roberto Campos Neto, the app will allow Brazilians to manage their finances better: “The idea is to have a financial consultant for basic needs for people who still have some difficulty in programming their payments. This, along with an integrator, will allow people to maximize their resources and their financial lives”.
