Movement is strategic and will boost each of the brands in their strongest segment
PicPay, a financial services ecosystem, will incorporate Banco Original’s retail operation, which will focus only on wholesale as of July. This means that the individual accounts registered in Original become PicPay and the bank follows its trajectory with an eye on wholesale growth, with customers in the corporate, corporate and agribusiness segments.
The move aims to boost each of the brands in its strongest segment — PicPay in retail and Original in wholesale — take advantage of synergies between operations to gain efficiency and accelerate the treadmill of new products.
Starting in July, the portfolio available today on Original will be on the PicPay app. There will be no harm to customers, who will continue to have access to the same features, such as credit and debit cards — without the need to change even the plastic — and their points program, same limits, shared account option and service manager. The same goes for loans and other financial products.
Original’s features add to the complete financial ecosystem that already exists in PicPay, such as the digital account with the highest automatic yield in 30 days, of 102% of the CDI, investments, the option to move all bank accounts in the same app with a unique experience and also financial management tools, such as Piggy Banks.
Users began to be communicated, with all the guidelines, this Thursday (15). Original customers who do not yet have a PicPay account only need to download the app and log in with the same data (CPF and password). Starting in July, all user information that was in the bank will be automatically made available in PicPay, an app that will be used to access the individual customer’s account. If you’re already a PicPay user, you don’t need to do anything.
It will also be possible to access all the history information in the Original through the PicPay app. This will be done from the so-called ‘Account of accounts’, which allows you to view and move other bank accounts through the app through Open Finance.
Focus on core strategy and efficiency
PicPay and Original are controlled by J&F Participações, the holding company that owns the financial companies of the J&F group. More than seeking efficiency, the new phase will allow the two companies to specialize even more in their core business, focus on expanding their growth of already profitable operations and avoid possible competition for the same customer.
“The decision to make this strategic move was made after we had carried out a successful strategy in both companies, delivering everything we promised and even more. As the business has developed, we understand that it is time to expand the expertise of each of the companies in their core segment and further expand operations,” says José Antônio Batista, president of the financial conglomerate of the J&F group.
With ten years of history, PicPay revolutionized the market by inserting QR Code payment in people’s daily lives, and today it has consolidated itself with a solid and profitable operation. “The arrival of Original retail accelerated PicPay’s portfolio, without giving up the deliveries that were already planned. The biggest beneficiary is the customer, who, in addition to not having any loss in relation to what he already used, gains more products and services to make his life easier. And the user who was already on PicPay will have an even better app,” says Eduardo Chedid, president of PicPay.
Original, in turn, already has a strong presence in wholesale, a consistent performance that has been growing and recording profit for more than seven years. “We are going to continue a solid operation and expand it, with a total focus on the businesses that gave rise to the bank’s trajectory and transformed it into a reference in the market, in Agribusiness, Corporate and now in Companies. Our goal is to continue to serve our customers quickly and transparently and provide them with an even better experience,” says the president of Banco Original, Luiz Meneguetti.
“From now on, we are going to continue and expand these two healthy and profitable operations, with much more efficiency”, reinforces José Antônio. “We are sure that the new phase will allow us to deliver even more value to our customers, whether in retail, with PicPay, or wholesale, with Original”, he concludes.
