Picpay, one of the most popular payment fintech companies in Brazil, announced that it will begin including cryptocurrency services in its app. The company explained that these services will include the possibility to buy crypto and process payments directly in crypto; Picpay is following in the footsteps of companies such as Nubank and Mercado Libre, which have also recently started offering crypto services.
Picpay allows customers to use crypto from their apps
More fintech companies are now approaching crypto as a way to extend their service offerings for customers. Picpay, a Brazilian fintech and payments company, has announced that it willallow customers to purchase crypto from within its app using fiat currency. The company announced that the wallet will include several cryptocurrencies, including BTC, including ETHand USDP, a Paxos-backed stablecoin.
according to local reports. The service will be handled by Paxos, which also provides crypto management services to other companies offering crypto services in Brazil, including Mercado Libre and Nubank.
This is a very important move for the company, as expressed by Anderson Chamon, co-founder and VP of Products and Technology at Picpay. He states.
Picpay is entering this world very strongly. It will be a very important line of business, not an accessory.
Picpay plans to roll out this update over the next month, although it is still unclear if the company will allow crypto deposits and withdrawals from its platform. The app’s more than 60 millionuserswill be able to use the new service in Brazil.
Payment Services and Real Pegs Table Coins
As an extension of the new service, the app will also allow customers to pay in crypto at any merchant that uses Picpay as part of its payment options The new service will be available in the future. The fintech company aims to make this possible later this year, with cryptocurrency being automatically cleared into Fiat Money to protect merchants from volatility.
By the end of the year, Picpay informed that it expects to have more than 100 cryptocurrencies in its wallet, offering a good range of choices to potential investors. However, one of the company’s most ambitious projects is the launch of its own Brazilian Real pegged stablecoin to be used for payments and purchases. Of the planned stablecoin, called the Brazilian Real Coin (BRC), Chamon said.
You do not need to be a Picpay user to use this stablecoin. You can be a tourist coming to Brazil, bring your PayPal or other digital wallet, buy BRC on an exchange, and use it in the Brazilian market.
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