Brazilian mobile payment startup, PicPay, is revolutionizing the way Southern Americans make purchases. PicPay has developed an application that allows customers to save their credit card information and make online purchases by simply scanning online QR codes with the camera on their smartphone or tablet.
Although PicPay is currently only available in Portuguese, on Android and iPhone apps, the company has the funds to expand their fast growing company. The company has acquired $1.2 million from its co-founders and unknown angel investors. To keep the ball rolling, the company also has plans to offer a retail sign up option on its website.
According to a recent report, PicPay’s existing users include perfume and cosmetics e-commerce store Perfumagi, Rocket Internet-backed sports retailer Kanui and surf magazine Fluir. In addition, it has closed a partnership with major Brazilian credit card operator Cielo.
“With our solution, advertisers can now insert codes in their online and offline campaigns, which PicPay readers decode through the camera, while exponentially increasing immediate conversion rates. With PicPay, the companies do not only improve engagement with their audience, but they let them make purchase at the exact time they are reached by media actions,” Chamon explained in a recent press release.
According to a recent study by the Brazilian e-Commerce Chamber, mobile commerce’s fast growing popularity in Brazil has led to it representing 10% of online commerce in 2012, compared to 5% in 2011.
With Brazil often being considered an influential contender in emerging marketplaces, the country is usually grouped with China and India as industry leaders. However, the mobile payment sector has not taken off in Brazil as quickly as other countries. This is one aspect PicPay hopes to change.