PicPay, a super app with over 33 million active users, is actively diversifying its marketplace platform, which currently boasts an impressive 115 sales per second. Since its launch four years ago as “PicPay Store,” now rebranded as “PicPay Shop,” the app has been expanding its range of products and services, focusing on categories that generate recurring purchases, such as supermarkets, pharmacies, and pet products.
In the first half of 2023, PicPay Shop reached a total sales volume (GMV) of USD $ 2.5 million, representing a 36% increase from the previous year. This is significant, especially considering that its GMV in 2021 was just over USD $2.5 million and rose to USD $ 3.2 million in 2022.
PicPay Shop, with more than 330 associated stores, attracts over 2.5 million unique users each month and continues to add 200,000 new customers monthly.
The goal is to turn PicPay Shop into a “consumption center” that fosters customer loyalty towards PicPay as their primary financial account.
The company is also exploring new market segments and expanding its partnerships with major retailers such as Amazon and Carrefour.
Furthermore, PicPay focuses on personalizing its cashback offers to drive customer engagement and recently launched a Google Chrome extension to enhance users’ shopping experience.
Projections indicate that by 2025, Latin America could have a fintech user base of over 300 million. This growth signals a determined shift towards digital and technological financial solutions. In fact, Brazil and Mexico are leading this revolution, accounting for 85% of fintech investments in the region.
On the other hand, ecommerce in Brazil reached a spending on online sales of $39.590 billion in 2022, according to data from the Digital 2023 study for the country, conducted by We Are Social and Meltwater. Likewise, forecasts suggest that online sales revenues will continue to grow, reaching $47.635 billion in 2023 and rising to $82.257 billion by 2027.
Brazilian fintech is revolutionizing the financial sector. Not only do they offer more democratic and differentiated services compared to traditional banks, but they are also filling a financial inclusion gap, as evidenced by apps like Stori, albo, and Nu.
In 2023, trust in fintech has grown, with 57% of respondents expressing their confidence in these startups. The future looks promising, and Brazil, with approximately 1.3 thousand fintech startups, is leading this wave of innovation.
Fintech democratizes access to quality financial services and drive the economy. And while fintech moves forward, traditional banks are not lagging behind, adopting or developing similar services or even partnering with these emerging startups.