Business

Brazil's PicPay surpasses 1 million issued cards milestone in five months

Launched this year, PicPay's card offers cashback of up to 5% of the amount spent on purchases and will be offered to all its 33 million users of the platform by the end of 2020

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  • Available since May, the PicPay Card allows the digital wallet’s user to pay commercial establishments that don’t offer the PicPay QR Code;
  • The card operates contactless payments with the NFC (Near Field Communication) model.

Brazil’s fintech PicPay, the leading digital wallet in the country, surpassed the milestone of 1 million cards issued, it said in a press statement. As part of the firm’s strategy of diversifying the offer of financial solutions, all its 33 million users will receive an invitation to join the digital account and receive the PicPay Card, whether in the debit or credit function, by the end of the year.

Available since May, the PicPay Card allows the digital wallet’s user to pay commercial establishments that don’t offer the PicPay QR Code by using the physical card.

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The card operates contactless payments with the NFC (Near Field Communication) tech, without the need to type the password in transactions up to BRL 100. According to PicPay, the user can also use the virtual version of the card in the digital wallet for online payments. The card does not have an annual fee and offers cashback of up to 5% of the amount spent on purchases made by scanning PicPay’s QR Code.

“The PicPay Card not only promotes the financial inclusion of thousands of people but also expands the purchasing power to users who have their first card, giving access to various services and products through this payment method,” says Frederico Trevisan, director of PicPay Credit and Cards, in a press statement.

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“The user begins to use more services of our ecosystem, such as the payment of boletos (popular payment slips or vouchers in Brazil), pre-paid mobile phone recharge or transportation card and others,” he says. To access the card, the user must wait for an invitation from the platform in the app. Invitations are being sent in a staggered manner to all users, PicPay said.