Business

Brazil's payments app PicPay reaches 60 million users

PicPay registered a 54.6% increase in the number of clients this year; in the 3rd quarter, payment volume advanced 77%

PicPay's headquarters, in Sao Paulo. Photo: PicPay/Courtesy
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  • Brazilian fintech PicPay’s active users advanced 56.7 percent year-on-year in the third quarter to 27.9 million;
  • Users who made at least one transaction in the period are 17.9 million, up 67% year-on-year
  • Average spend per user in the third quarter grew 80% year-on-year to BRL 1,100.

Brazil‘s PicPay announced that it has reached the 60 million user mark, six months after surpassing 50 million registered customers on the app.

The mark represents a 54.6% increase in the number of users this year alone. Compared to the same period last year, the advance was 80.2%.

READ ALSO: PicPay users’ balance totals more than BRL 5 billion

The number of active users advanced at the same pace, showing a 56.7% growth in the third quarter, compared to the same period of 2020. This means there are 27.9 million active customers. Users who made at least one transaction in the third quarter, meanwhile, are 17.9 million, up 67% year-on-year.

The data demonstrates the advancement in customer engagement as well. The average spend per user in Q3 grew 80% year-on-year to BRL 1,100. Total Payment Volume (TPV) made by PicPay in the period advanced 77% year-on-year to BRL 26.6 billion. If September’s TPV is replicated for 12 months (TPV run rate), it reaches BRL 114 billion.

READ ALSO: Brazil’s largest digital wallet PicPay reaches BRL 500 million in credit

In addition, third-quarter data indicates that 17.6 million users have account balances, up 208.8% year-on-year. That’s R$4.8 billion deposited on PicPay. Updated, the figures show that PicPay has now surpassed R$5 billion in wallet balance from over 18 million users.

READ ALSO: Latin America’s largest digital wallet, PicPay buys 100% of the finance app Guiabolso

PicPay was born in 2012 as a digital wallet, but today it operates on five business fronts: digital wallet, financial marketplace, the PicPay Store (app shop), financial services for companies, social, which encompasses the interactions between users through the feed and chat, and soon it should start advertising operations.

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