Brazil

“India, the banks are not terribly inefficient in India. And there are 30, 40 times more banks in India, maybe at least 10 X of the number of banks in Brazil, which are high quality. So in the middle of that, I think without being able to articulate how you are…”

“I think our, out of the 12 or so countries we are quite active in, I think India and Brazil are our top countries by far.”

“We have three neobanking investments. We are close to making a fourth one. A couple of them in Brazil and in other markets, right? But we have none in India.”

“So we've got sixty million plus downloads across the world. We've got presence in Brazil as well. So the two main countries that have deeper presence is India and Brazil today.”

“Like the model in India will work in Brazil or Germany or Indonesia, you know, all the same. You just need to go and build the networks independently.”

“In America, in China, in Brazil, you know, about 65 to 70% of those in the relevant age group are in the labor force. In India, as per ILO definition, only about 45, 47% are there. So we have 20% less people in the labor force as compared to these other countr…”

“India is the only large economy left in the world, which has, as I see it, four parts to its economy. There is a Bahrain on top of a UK, on top of a Brazil, on top of the entire African continent.”

“And that required us to open up the protocol in a very structured way. We didn't do that. You know, we are doing that now. But Brazilians with Pix did that I think in July or August of and so we got a little cocky and overconfident about our own momentum in th…”

“Today in the fast payment world, the momentum is not with UPI is with PIX. It's a Brazilian system, which is inspired by UPI as they say. And but they've done a very good job of the basics of taking it out.”

“China has close to 50% of the known ore in this world. Then I think it is Brazil. Incidentally, India is the third largest.”