Business

PicPay users' balance totals more than BRL 5 billion

The amount is four times greater than that recorded at the beginning of 2021 and the largest since the founding of the largest digital portfolio in Latin America, in 2012

PicPay's headquarters, in Sao Paulo. Photo: PicPay/Courtesy
Ler em português
  • With 18 million users maintaining their balances on PicPay, the wallet faces the same challenge as other digital banking services: how to make customers effectively use their accounts on a day-to-day basis?
  • Of the more than 55 million PicPay customers, around 28 million are considered active, meaning they have used the app at least once in the last three months.

The total users’ balance on PicPay, the largest digital wallet in Latin America, exceeded BRL 5 billion (around $875 million) in the first week of October. The amount is four times higher than that recorded at the beginning of the year and the highest since the company’s creation in 2012.

With 18 million users maintaining their balances on PicPay, the wallet faces the same challenge as other digital banking services: how to make customers effectively use their accounts on a day-to-day basis? Customers of these services often use them for specific transactions, such as food delivery or subscriptions payments, keeping the bulk of their income in a traditional bank.

READ ALSO: Brazilian digital banks face a decline in the number of users and feel the pressure for profitability

Of the more than 55 million PicPay customers, around 28 million are considered active, meaning they have used the app at least once in the last three months.

“Our goal is to be the Brazilians’ favorite place to solve their entire financial life. We are enhancing the wallet experience so that PicPay is the best place to pay for everything and everyone,” said Danilo Caffaro, director of PF Financial Services at PicPayl, in a press statement.

READ ALSO: Digital banks focused on minority groups are emerging in Brazil with customized offers

In September, PicPay recorded 49 million transactions between people (peer-to-peer and PIX, Brazil‘s instant payment system). Caffaro explains that the widespread digitization of financial services and the addition of new PIX functionalities will further encourage the use of digital wallets. The executive stressed that PicPay was a precursor of instant transfer: since the app’s foundation in 2012, PicPay allows transactions between users with one click, and at any time of the day.

Also in September, PicPay reached BRL 500 million ($87.5 million) in credit, another expansion area for transactions between people. In March this year, the wallet launched its peer-to-peer lending solution. Months later, it launched a pilot project to test P2P loans between people of the same family and friends – a modality that it intends to expand in the coming months.

Get the best insights about Latin America market in your inbox