Canadians can't be blamed for taking social media for granted—after all, internet access here is a given in all but the most remote locations.
In Brazil, however, it's a different story. Barely half of Brazilians have access to the internet according to World Bank data, and in many cases, that access is limited to a mobile device with finite data, not a desktop with hundreds of gigabytes via home internet access, according to The Brazil Business.
So those who do have internet really use it: 97% of Brazil's internet population is active on social media, a penetration rate that far exceeds Canada's. Brazilians are also into mobile payments because many citizens are "unbanked," meaning they do not have access to traditional banking systems and primarily pay for goods and services using cash.
Sounds like a rich opportunity. And it is—one that a Canadian startup hasn't looked past. Vancouver-based Trulioo says it hopes to be a part of a solution by providing cyber identity verification for the legitimization of accounts based on an individual’s online footprint, which would allow more Brazilians to open actual bank accounts.
"Cyber identity verification takes into account multiple types of global Internet identity information and user behaviour from sources including social login providers, ad networks, mobile applications, e-commerce websites and social networks," explains Trulioo. "Therefore, when individuals interact and transact online, cyber verification can apply."
According to Trulioo, the growth and adoption of online information in Brazil makes the country "a prime candidate to take advantage of the ease and efficiency of cyber verification."