PicPay plans to integrate crypto payments in diverse forms on its app. As one of the most used payments apps in Brazil, the company is looking to leverage its popularity to bring cryptocurrencies to the everyday transactions of the average Brazilian. PicPay is launching this feature because it believes cryptocurrencies are more than just investments. The company is looking to explore the possibilities of Web3 and blockchain technology to simplify payments for the local Brazilian community and unlock new business opportunities. Besides day-to-day payments, PicPay reveals that its new crypto feature would give users the opportunity to use digital assets for “many other financial opportunities,” with a novel form of the personal loan being one of them.
The firm noted that macroeconomic policies have had some damaging effects on the crypto markets, but this has also been the case with other financial markets like the stock market. The firm says the crypto winter is not much of a bother, as it believes the markets will bounce back. PicPay was founded in 2012 by Anderson Chamon, Dárcio Stehling and Diego Roberte. The platform aims to make everyday payments simpler and more convenient for the average Brazilian and beyond. It wouldn’t be the first payments app to delve into the crypto space, as payments giants such as PayPal and CashApp among others have integrated crypto payments.