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Brazilian digital wallet PicPay grows 6 times faster in the pandemic

The fintech reached 20 million accounts in May, seven months before its former forecasts

Brazilian digital wallet PicPay app on smartphone
Brazilian digital wallet PicPay. Photo: Shutterstock
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  • Before the crisis, the company used to open 500,000 accounts a month, and since March, the number is 500% bigger;
  • The firm plans to process BRL 31 billion in 2020, an amount six times higher than last year.

According to Reuters, the Brazilian digital wallet firm PicPay reached 20 million accounts in early May, driven by social isolation measures that have increased the demand for digital financial services.

The figure was initially expected for December 2020. The largest digital payments portfolio in the country, PicPay had been opening around 500,000 accounts monthly. From the second half of March, the pace increased sixfold.  

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PicPay’s CEO, Gueitiro Genso, told Reuters that small businesses like bars and restaurants, one of the segments most directly affected by the crisis, have started to resort more to digital payments.

The PicPay seizes the momentum to accelerate hiring. In 2020, the number of employees grew by 15%, to the current team of 1,400 people. “The forecast is to reach 2,000 employees by the end of the year,” said Genso.

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The company works with the goal of reaching a volume of processed transactions of BRL 31 billion 2020, about six times higher than last year.