PicPay runs as a neobank in Brazil, providing personal and commercial accounts with a debit card plus mobile application management. PicPay now lets users open mobile bank accounts through its platform. Several customers have rated PicPay at 1.7 on TrustPilot based on their 44 reviews. The platform offers people a complete set of banking functions while handling social payments, which explains its widespread adoption.
The process involved
These are the steps needed to set up a PicPay account:
Open the app and select the create account option.
Enter your CPF and personal details into the required fields while providing your exact birthday and contact information. Show your identity with ID document photos plus take a face portrait for security checks. Select powerful passwords and establish protection features according to the app guidance. To finish account creation follow the terms of service in the registration process.
Key features of PicPay
With Digital Wallet you can send and receive money while paying bills including mobile phone recharges and using QR codes for in-store or online payments. The social payment function allows you to link contacts and split expenses with them easily. The service gives users cash back rewards for their payments so they can build up value. You can receive credit services including interest-free credit cards plus loan and investment services.
Through PicPay Store businesses can sell digital and physical goods exactly to PicPay users on an open online marketplace.
Fees
Standard account holders do not need to pay any regular account maintenance costs.
Whether to send money to PicPay users costs you nothing but using service features with money transfers may require payments. Through QR codes and interest-free terms businesses can accept payments and offer customized payment agreements between 1 to 80 days to customers. Throughout the past 90 days myrtle users have given PicPay positive reviews because it works smoothly and fast with useful options including savings goals called cofrinhos. Many recent customer complaints show problems using the app and accessing essential features like credit cards plus slow customer support response. Users commonly ask PicPay to increase their credit card spending limits.
Pros
- The platform offers a simple design that users can easily understand.
- Fast transactions and payments.
- Cofrinhos act as successful savings tools for customers.
- People notice positive selections for investing and good returns on investments.
- New cardholders value this product because it offers them credit even though they are new to the financial system.
Cons
- The app fails to work properly because of technical bugs which lets users enter incorrectly and prevents them from using card or account functions.
- The company takes too long to answer customer chat requests which leaves open issues for several weeks.
- Users have trouble erasing their accounts when financial links prevent it.
- Many customers describe their problem with getting their credit card limit raised.
- Despite their efforts the app keeps sending loan and credit card offers to users even though they cannot qualify or do not want these products.
- Several users complained about the missing feature of dark mode.
- The app shows flaws through inconsistent payment processing and wrong account figures.
- Lack of in-app options for certain features, like loan prepayment.
- Frustration with the account creation process for some users.
- The system runs slowly when users try to use cofrinhos and credit card features.
Increasingly larger
PicPay’s growth towards super app status drives the company to introduce this new service. Beyond basic payment features the fintech offers a digital service platform that includes a monthly subscription plus lending services and links to several outside apps.
The P2P lending started last year through Crednovo a personal lending organization under the J&F group ownership of the Batista family with Raul Moreira as CEO. PicPay expands its services beyond payments to give its many users different options for revenue sources.
In March PicPay launched Kovr insurance to safeguard financial transactions as part of their collaboration with the insurance company. By the end of June PicPay together with Câmbio Online started allowing customers to buy and sell foreign currency using the app along with international money transfers. Anderson Chamon from PicPay stated to NeoFeed that they plan to launch a crypto trading platform which will include a dedicated stablecoin. The fintech continues running business activities with financial losses. For the year 2021 PicPay completed operations with R$1.9 billion in losses which represented a rise from the previous year. Total net revenue surged by 193% during that period to reach R$1.1 billion by 2021 year-end.
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