PicPay, together with fintechs like Nubank, have been gaining an increasing number of fans. The digital bank is practical, and you don’t need more than a cell phone (Android or iOS) to access the application, and open your account for free!
Despite the ease, several PicPay processes are on the rise, especially court cases. The main reasons are due to platform problems that end up withholding customer money, or making undue charges.
What this article covers:
Why has PicPay been taking so many lawsuits?
PicPay has suffered from several lawsuits for withholding amounts, paying bills twice, and even withholding salaries and emergency aid on its platform. As a result, PicPay ends up losing the trust of its users, and having difficulty gaining that of those who would become new customers.
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Fintech even comments on several screenshots scattered across the internet of its dissatisfied customers, which encourages the search for judicial resolution through lawsuits, in case its customers suffer from this.
How does PicPay work?
PicPay is an application that acts as an entirely virtual bank (so-called fintech), in which there is no need to pay to open or maintain a bank account.
To create a PicPay account, just follow these steps:
- Install the PicPay application (available for iOS and Android systems);
- Create a PicPay account (CPF, date of birth, cell phone number, e-mail required);
- Wait for the account opening confirmation code to be sent;
- Establish a name and password for your account.
After opening and confirming the account, you can carry out the Picpay processes that are available, such as deposits, credit card, payments and others.
Deposits
To deposit money into your PicPay account, go to the “Wallet” option and select “Add”; it is then possible to choose the way in which the payment will be made (bank slip, DOC; TED or transfer from Banco Original, if you have a checking account).
Payments
PicPay payments are made in a very simple way: for accredited stores (Google Play, League of Legends, Uber and Steam, for example) it is possible to use credit from virtual wallets; scan QR codes — and this same QR Code payment model can also be used in card machines, recharge cell phones and even put credits on public transport tickets.
If the payment is for someone else, if the transfer is for another PicPay account, just look for the recipient’s profile (by account name, for example) and define the amount that will be transferred.
PicPay account types
PicPay offers two types of account: the personal account (intended for regular customers who want to be part of an entirely digital bank) and PicPay Pro (made for those customers who are also sellers and are looking to expand their sales).
Personal account
With the PicPay personal account, it is possible to pay slips in installments, the account is completely digital (and free!), the credit card has no annual fee and it is also possible to obtain cashback (return of a percentage of money when a purchase is made at partner stores).
As it is a fintech, that is, a virtual bank modality, PicPay has fully online accounts — making and receiving payments, as well as saving money for the future, is all done virtually.
PicPay Pro
The great differential of the PicPay Pro account is that the seller does not need to have a CNPJ (National Register of Legal Entities). It is not necessary to have a machine, and the customer can pay the purchase in up to 12 installments on the card!
Those who are PicPay Pro do not need to pay membership fees (monthly or yearly), but pay 4.29% per transaction; and regardless of the payment method chosen by the customer, the payment goes straight into your account!
Is investing in PicPay safe or not?
Currently, many PicPay lawsuits are on the rise, and when asked about the lawsuits she has been facing, she says that they are isolated cases and that she works hard to prevent her customers from suffering from cases like this.
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In addition, the platform also confirms that — even if it is not ideal — the errors that occur on the platform end up being something good for fintech’s growth, showing what is not working, and collaborating with the company’s growth
