PicPay has just hit the mark of half a million Piggy Banks created with just one month of launching the functionality. Widespread adherence to the tool helped the company surpass, for the first time, the mark of R$ 10 billion in portfolio balance.
The number is 56% higher than the same period last year. The metric is a thermometer of the engagement of the base and includes values applied both in Piggy Banks and in the account. Until the end of December, more than 22 million users kept their funds in PicPay.
Pedro Romero, responsible for the Financial Services for Individuals business unit at PicPay, says:
“Saving money is key, especially at this time. The growth in balance and membership shows how committed the base is to this mission and how Piggy Banks can contribute to PicPay being the first option for users when it comes to money.”
Adherence to Piggy Banks
Around 400,000 users invested an average of BRL 960 with the main objective of saving money and saw the amount yield 102% of the CDI on a daily basis, 40% above savings. The application began to be released gradually last month and is now available to the entire base.
After “Saving money”, the objective of 35% of Piggy Banks so far, the second most sought after objective by users was making an Emergency Reserve, which accounts for 18.7% of the total. Other financial goals that appeared the most were ‘Another objective’ (18.2%), ‘Buying a car’ (8.3%), Traveling (8.1%), ‘Buying a cell phone’ (5.1%), ‘ Renovating the house’ (4.3%) and ‘Studies’ (2.3%). On average, there were 1.3 piggy banks per person.
The resources that are in Piggy Banks are automatically deposited in a CDB with daily liquidity, with no value limit and with the guarantee of the Credit Guarantee Fund (FGC) for amounts up to R$ 250,000.
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