The PicPay payments app is launching a competitor to Nubank: the PicPay Card is a credit card with no annual fee and no fees that offers up to 5% cashback on purchases. It can be used for transactions via QR Code with the cell phone, or for contactless payments via NFC through the physical card. However, you need to get on a waiting list to get it.
Like Nubank and its various competitors, the PicPay Card does not charge an annual fee or fees. In addition, purchases yield up to 5% cashback; payment slips, transfers to another person and cell phone recharges are excluded.
The PicPay credit card is integrated into the iPhone and Android application, so it is possible to make payments via QR Code at participating merchants or at Cielo machines. (The company does not mention integration with services like Apple Pay or Google Pay, probably because its digital wallet is a competitor.)
It will also be possible to request a physical card, from the Mastercard banner, which supports contactless payments via NFC. Payments up to R $ 50 do not require a password.
PicPay plans to release card to 1 million customers
You can order the PicPay Card by entering the waiting list at card.picpay.com. The company says in a statement that its card will be released in batches: 50,000 customers must receive it by the end of September, and 1 million people will be covered by the end of the year. PicPay currently has 12 million users.
How does a non-annual card earn money for PicPay? Similar to Nubank: the company will charge interest on the revolving credit if the customer does not pay the full amount of the invoice. In addition, the PicPay Card allows the invoice to be paid in up to 12 installments, with the inclusion of a tax on the installments.
And similarly to NuConta, it is possible to deposit money in your PicPay wallet so that it yields 100% of the CDI. There is no debit card tied to the service: the idea is that “all payments migrate to the cell phone”, says Anderson Chamon, PicPay’s director of technology and product, in a statement.
“The plastic card is just a physical extension, created to reach places that do not yet accept payments with QR Code”, says Chamon. “The offer of credit and plastic cards is just a facility, a shortcut for using the app, which helps to change the public’s habit.”