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Neobank PicPay launches first insurance to protect Pix made with other banks in Brazil

July 12, 2023
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This innovation represents a significant breakthrough for the company, consolidating it as a leader in this new way of using and linking to the banking system.
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PicPay users will now be able to protect Pix made with the wallet balance and also with other banks connected through Open Finance. Users who have Digital Wallet Insurance, which also protects card purchases, will have the benefit extended automatically and at no additional cost throughout the month of July. The product is the first of its kind on the market and represents a further step by the company to become a benchmark in this new way of using and interacting with the banking system. The launch comes as the company reaches more than one million insurance policies underwritten.

Last month, PicPay transformed its app to bring all users' accounts together and allow them to move their financial life - even between third parties - from Pix to bill payment in one place.

"With the advances of Open Finance, as well as offering a better experience, we need to innovate products that cater to this new journey. That's what we did by expanding the scope of Carteira Digital Insurance and covering the services most used by our customers," says Frederico Trevisan, executive responsible for PicPay's Insurance and Cards operations.

Carteira Digital Insurance is a customisable product that protects Pix transactions, transfers, balance purchases and registered cards from R$ 5,60€. It covers contingencies of up to R$5,000.

The insurance is also the only one on the market that offers digital protection for transactions following the theft of personal information or hacking after clicking on suspicious messages and links. This service also monitors attacks and fraud that occur in the digital environment, 24 hours a day.

Another advantage is that the contract gives the right to participate in a monthly prize draw for an Iphone 14. The products were created with Kovr Seguradora, which works to create customised solutions with partners.

Open Finance in the "central" journey

As well as allowing users to access and move any account through PicPay as easily as accessing another internet 'tab', the company has been working to incorporate the benefits of Open Finance into all users' journeys. One of these is improved credit score analysis.

PicPay now has over 3.8 million consents on Open Finance, with a success rate of over 80%, and is ahead of the traditional banks, who were the first to join the system.

PicPay has the experience of Guiabolso, which pioneered the system in the country before being fully integrated by the company. In the opinion of Thiago Alvarez, PicPay's Open Finance executive who implemented the first steps of the innovation in Brazil, the novelty only reinforces how innovation can bring practicality, better products and savings to Brazilians.

"With a single product, the user can protect the other banking applications connected to PicPay. This shows how innovation can improve everyday financial life and have a really positive impact on people. This is just one of the many possibilities that innovation will enable," he says.

To link all accounts in the app, simply go to Wallet, tap the "+" symbol next to the PicPay tab where the balance is displayed, and link the desired account. Insurance is gradually being made available to the base that has subscribed to Open Finance.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

PicPay users will now be able to protect Pix made with the wallet balance and also with other banks connected through Open Finance. Users who have Digital Wallet Insurance, which also protects card purchases, will have the benefit extended automatically and at no additional cost throughout the month of July. The product is the first of its kind on the market and represents a further step by the company to become a benchmark in this new way of using and interacting with the banking system. The launch comes as the company reaches more than one million insurance policies underwritten.

Last month, PicPay transformed its app to bring all users' accounts together and allow them to move their financial life - even between third parties - from Pix to bill payment in one place.

"With the advances of Open Finance, as well as offering a better experience, we need to innovate products that cater to this new journey. That's what we did by expanding the scope of Carteira Digital Insurance and covering the services most used by our customers," says Frederico Trevisan, executive responsible for PicPay's Insurance and Cards operations.

Carteira Digital Insurance is a customisable product that protects Pix transactions, transfers, balance purchases and registered cards from R$ 5,60€. It covers contingencies of up to R$5,000.

The insurance is also the only one on the market that offers digital protection for transactions following the theft of personal information or hacking after clicking on suspicious messages and links. This service also monitors attacks and fraud that occur in the digital environment, 24 hours a day.

Another advantage is that the contract gives the right to participate in a monthly prize draw for an Iphone 14. The products were created with Kovr Seguradora, which works to create customised solutions with partners.

Open Finance in the "central" journey

As well as allowing users to access and move any account through PicPay as easily as accessing another internet 'tab', the company has been working to incorporate the benefits of Open Finance into all users' journeys. One of these is improved credit score analysis.

PicPay now has over 3.8 million consents on Open Finance, with a success rate of over 80%, and is ahead of the traditional banks, who were the first to join the system.

PicPay has the experience of Guiabolso, which pioneered the system in the country before being fully integrated by the company. In the opinion of Thiago Alvarez, PicPay's Open Finance executive who implemented the first steps of the innovation in Brazil, the novelty only reinforces how innovation can bring practicality, better products and savings to Brazilians.

"With a single product, the user can protect the other banking applications connected to PicPay. This shows how innovation can improve everyday financial life and have a really positive impact on people. This is just one of the many possibilities that innovation will enable," he says.

To link all accounts in the app, simply go to Wallet, tap the "+" symbol next to the PicPay tab where the balance is displayed, and link the desired account. Insurance is gradually being made available to the base that has subscribed to Open Finance.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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