The next steps for PicPay, Latin America’s biggest digital wallet

More than 41 million Brazilians use homegrown mobile payment app PicPay. Launched back in 2012, the digital wallet platform doubled its user base last year, processing a total of BRL 49.6 billion (USD 9 billion) in payments and making PicPay the largest app of its kind in Latin America. Beyond enabling users to send and receive money, pay bills, and store loyalty cards and discount coupons, PicPay is now planning to become a “super app,” developing a broad ecosystem with a wide range of business lines. This month’s planned launch of an in-app messaging service is another step in that direction.

PicPay already allows users to share their activities and “follow” others, but has no option to interact between accounts. This social aspect of the app will be strengthened by the new messaging service, supplementing the platform’s online marketplace strategy, launched three years ago.

There are currently 70 brands selling products and services directly through the so-called PicPay Store. In the last year, customers made over 25 million transactions on this marketplace — and the plan is for a considerable increase in 2021.

“Recently, we began the process of opening up our platform, which will allow each seller interested in integrating into PicPay Store to develop a customized experience, providing fast and structured growth,” said Anderson Chamon, co-founder and vice president of Products and Technology at PicPay, in an interview with LABS. Fábio Plein, former general manager of Uber Eats in...