Digital financial services are gaining more and more people. The PicPay is one of them. The online payment application already has more than 20 million users and offers a variety of services, ranging from transfers to installment payments and extra income opportunities . But exactly how does PicPay work ?
We will explain this Brazilian app in more detail. We will also see its main advantages and whether PicPay is used to make investments. Come on?
Contents [ hide ]
- 1What is PicPay?
- 2How does it work?
- 3What are the advantages?
- 1Free transfers
- 2extra income
- 3Account Installment
- 4What is it like to invest in PicPay?
What is PicPay?
PicPay aims to simplify the transfer of money between its users, which can be people or companies. Created in 2012, the app is available on Android and iOS operating systems. Since 2015, it is controlled by Banco Original.
Mixing digital wallet and social network, PicPay does not only offer the transfer of values. It also allows you to make purchases at establishments, obtain credits on services such as Google Play and Uber, pay slips and recharge the use of cell phones. More than 2.5 million companies are available through PicPay. All services can be done only through the smartphone.
Following the philosophy of a digital bank , PicPay does not charge for opening an account and does not have annuities . In terms of privacy, it states that data is encrypted and stored on servers that follow the PCI Security Standards Council’s security standard. This global open forum implements measures that protect account information. PicPay also claims to be in compliance with the General Data Protection Act (LGPD).
How does it work?
To start using PicPay , you need to download the app. Your registration asks for information such as CPF, e-mail, username, telephone number and credit card information (if you have one). You don’t need a bank account to join PicPay. Once the profile has been created, you can interact with other users — just like on a social network.
There are two ways to add balance to your digital wallet. The first is to generate a bank slip for the amount you want to deposit, with no issuance fee. The money will be available in the payment account within two business days.
It is also possible to make transfers from banks such as Banco do Brasil, Bradesco, Itaú and Original. These institutions may charge fees for shipping, depending on the package of services purchased. The money arrives at PicPay within two business days.
What are the advantages?
PicPay offers its users several advantages. Some are common to digital banks, such as an annuity waiver.
Others are more exclusive, such as our own referral and cashback systems and the payment of accounts in several installments. We’ll list some of the more specific benefits of PicPay below.
Free downloads
PicPay allows the transfer of values between people and companies without charging fees. There is a collection limit set at R$800 per month, if this money is transferred by credit card. In this case, a fee of 1.99% is charged from the person who made the payment only on the amount exceeded.
To send payments, you need the person’s or company’s phone number. The money can be sent to one of your contacts or to a list of establishments already accredited on PicPay. This shipment is made by bank transfer, by registered credit card or by transfer.
If you have received a payment through your digital wallet, you can use that money for further purchases or transfer it free of charge to another bank account. The amount will be available within 48 hours after the transaction. Another option is to withdraw the amount free of charge at one of the more than 23 thousand ATMs in the Banco24Horas network. From the “Digital Service” option, a QR Code will be created for you to scan in the terminal.
extra income
PicPay also offers ways to earn or save money using the app. Through a friend referral system , both you and the new user earn R$ 10 if he signs up through a custom link.
Another way to earn money is by reducing expenses that were already scheduled. PicPay offers wallet credit to users who pay bills or buy products through the app, for example. This return is known as cashback and is generally referred to as a percentage of the amount spent (such as 10% back on some expense).
However, remember that money coming from cashback cannot be withdrawn or transferred to another account. The amount can be used to pay users and establishments on PicPay or to contract services such as mobile credits, games and transport.
Account installment
PicPay allows you to make payments of up to R$10,000 per month or up to R$5,000 in a single day. The application offers the payment of bills in up to 12 installments , according to the registered credit card. Any payment made by credit card has a 2.99% fee. In the case of installment payments, 3.49% are also levied on each installment.
What is it like to invest in PicPay?
The money that remains in the PicPay account yields 100% of the CDI . This rate is higher than that currently offered by savings, which is around 70% of the CDI. Digital banks usually offer returns similar to PicPay.
The CDI rate is accumulated at 2.38% until September 2020. Those looking for yields that bring more returns should study how to build a diversified portfolio , looking for fixed income and variable income investments.
However, it is worth remembering that the application is not protected by the Credit Guarantee Fund (FGC). This coverage protects users from risks such as the failure of the enterprise that hosts these people’s money. The FGC reimburses up to R$ 250,000 per institution (such as PicPay).
The PicPay is an interesting option for those looking to experience the most affordable services of digital banks. The app has various features such as transfers, payments and cash back with every purchase. Now that you know how PicPay works , understand more about how digital accounts operate .
