One of the most renowned Brazilian payment companies, Picpay has announced that its app would now include crypto services as well. The company elaborated that the services would include direct processing of crypto payments and buying crypto as well. Picpay is following in the footsteps of companies like Mercado Libre and Nubank, which have also recently launched their crypto payment services.
A greater number of fintech companies are now turning towards cryptocurrencies in order to expand their services to attract more clients. Brazilian payments and fintech company, Picpay has also decided to do the same and its clients will now be able to use fiat funds for purchasing cryptocurrencies. According to the company, they would add a number of cryptocurrencies to their wallets, such as BTC, ETH, and a Paxos-backed stablecoin named USDP.
Local reports have disclosed that Paxos would handle the service, as it is also offering crypto management services to other companies like Nubank and Mercado Libre, which have also added crypto services for their Brazilian clients. This move is a significant one for Picpay and its vice president of technology and products and co-founder, Anderson Chamon reiterated the same.
He said that Picpay would have a strong start in the crypto world, as it will not be offering it as an accessory. The company said that this would turn out to be a very essential line of business.
The update is expected to be rolled out in the next month but remains unclear whether the company would also be facilitating crypto deposits and withdrawals from its app. The new services will be made accessible to about 60 million of the app’s users in Brazil.
The new services would also allow the customers to use crypto for making payments at any of the merchants that are offering Picpay as one of their payment options. The company is looking to make this a possibility later in the year and it will add the feature of automatic liquidation of crypto into fiat payments for protecting the merchants from market volatility.
According to Picpay, it would expand its crypto offerings to 100 options by the end of the year, which would provide plenty of choices to investors. But, the most ambitious project of the company is the introduction of its real-pegged Brazilian stablecoin that will be used for making purchases and payments. The Brazilian real coin (BRC) is the name of the stablecoin.
Chamon asserted that this stablecoin will also be accessible to non-Picpay users. He said that tourists coming to the country would also be able to use the stablecoin by purchasing it from an exchange and then using it in the market. They would be able to use any digital wallet or even PayPal for doing so.
This is quite ambitious of the company and if it works, it would certainly be beneficial for their bottom line in the long run. This also shows how Latin American countries are adopting crypto.