Brazilian digital wallet PicPay reaches 20 million customers


SAO PAULO (Reuters) – Brazilian digital wallet PicPay hit 20 million clients in early May, reaching a goal previously expected for December as social isolation measures to combat the coronavirus accelerates the search for digital financial services, an executive said on Tuesday.

With thousands of stores closed in the country since March, the pace of new payment account openings was multiplied by six, said Gueitiro Genso, CEO of PicPay.

Genso said small businesses such as bars and restaurants, among the hardest hit by social distancing policies, represented a sharp growth in digital payments as they struggle to keep up with demand for deliveries.

The business restrictions have impacted card processors more dependent on in-store purchases, such as credit processing company StoneCo (STNE.O), which announced a 20% cut in its workforce.

Reporting by Aluísio Alves; Editing by Aurora Ellis

Products You May Like

Articles You May Like

Prepare to study in Canada
Study permit: Who can apply
Canada Targets Employers Who Break Temporary Foreign Worker Program Rules
Start-Up Visa Canada: Complete SUV Guide for 2024
Immigrant Parents And Their Adult Children More Likely To Own Homes In Canada
Canada’s International Students Not Meeting Labour Market Requirements  
Canada’s Immigration Minister Wants Make Temporary Residents Permanent  

Leave a Reply

Your email address will not be published. Required fields are marked *