One of Brazil’s most popular payment fintech companies, Picpay, just announced that it would start adding bitcoin services to its mobile app. According to what the company said, these services would include the ability to buy cryptocurrency directly and process payments using cryptocurrency.
In the past year, the company was in charge of payments totaling 49.6 billion Brazilian reals. With this many users, PicPay has become the most popular digital wallet in Brazil and the rest of Latin America. What can we be excited about? Grow into a powerful app and a large ecosystem that many companies can use. This month, the app got an in-app messaging service, which is another step in the right direction.
If a user had the right permissions, they could already share what they were doing and “follow” other users in the app, but they couldn’t talk to each other. With the messaging service, this social network feature of PicPay will be improved. It will also go well with the platform’s virtual store/marketplace idea, which has been around for more than three years.
PicPay, which is one of Brazil’s most popular payment networks, has said that it wants to add all kinds of cryptocurrency payments to its mobile app.
PicPay wants to find out what kinds of opportunities Web3 and blockchain technology present.
The goal of cryptography is to make payments and other financial services less reliant on a small number of people. Everyone will find them easier to use this way.
But they also said that this has happened on the stock market and other financial markets. The company says that the crypto winter is not a big deal because it thinks that the markets will get better soon.
The app will work with Bitcoin (BTC), Ethereum (ETH), and Pax Dollar, according to PicPay (USDP). The company is also considering making its own stablecoin, which will be called the Brazilian Real Coin (BRC). The company says that the BRC will have the same value as the Brazilian Real, and users will be able to use it to pay whenever they want.
Anderson Chamon, Dárcio Stehling, and Diego Roberts came up with the idea for PicPay in 2012 and started the business that same year. The main goal of the platform is to make it easier and more convenient for people all over the world, including the average Brazilian, to pay for the things they need every day. It wouldn’t be the first time either that a payment system tried to use cryptocurrency.
How does PicPay work? What does it mean?
In its most basic form, PicPay can be used as a digital wallet. Users can send and receive money, pay bills, and use discount coupons and store loyalty cards. And it’s not just the total number of users that have skyrocketed. More places are also starting to accept PicPay as a way to pay.
Payment services and a cryptocurrency are both backed by real-world assets.
Customers will be able to use the app to pay at any store that accepts Picpay with cryptocurrency. The new services will get this feature to make them even better. Late in 2018, this is what the company that makes financial technology plans to do.
Picpay has said that by the end of the year, it wants to have more than 100 different types of cryptocurrencies in its wallet. People who want to invest will have a lot of options because of this. Still, making a stablecoin that is tied to the Brazilian real and can be used to buy things is one of its most ambitious goals.