Picpay is one of Brazil’s most well-known fintech payments companies. It has now announced it will include cryptocurrency services within its app. Picpay explained that the services include both purchasing and receiving crypto payments. Picpay is following the lead of Nubank and Mercado Libre who have recently started to offer crypto services.
Picpay allows customers to use Crypto from App
Fintech companies that are based in crypto are looking at cryptocurrency as an option to expand their customer service offerings. Picpay is a Brazilian fintech company and payment provider. It has now announced that its customers can purchase cryptocurrency from Picpay’s app with fiat money. It will now include several cryptocurrencies, such as BTC, ETH and USDP. This is a Paxos-backed stablecoin.
Local reports indicate that Paxos would handle this service. They are the same company who has offered crypto management services to other Brazilian companies, including Nubank and Mercado Libre.
Anderson Chamon who is Picpay’s co-founder and vice President of Products and Technology, said that the move was very important for Picpay. He added:
Picpay enters this market strongly. This will not be an additional product; it will become a major business line.
Picpay will roll out the update in the next month. However, it’s not known if Picpay will accept crypto withdrawals or deposits. The new Brazilian services will be available to more than 60 million Picpay users.
Payment Services and a Real Pegged Stablecoin
Picpay will be used as the payment method for customers who wish to purchase crypto at any merchants that the app allows. This will be possible by the fintech company later in this year. To protect merchants against volatility, the cryptocurrencies will automatically be converted to fiat currency.
Picpay stated that it plans to have over 100 cryptocurrencies by the end of this year. This will give potential investors a wide range of choices. One of Picpay’s most important projects, however, is its launch of a Brazilian real-pegged stabilizecoin that will be used for purchases and payments. Chamon spoke out about the brazilian real currency (BRC) that is being developed.
To use the stablecoin, you don’t need to sign up for Picpay. It is possible to travel as a tourist and buy BRC via an exchange.
Picpay is launching cryptocurrency exchanges and payment services. What are your thoughts? Please leave your thoughts in the comment section.
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