Brazilian digital wallet PicPay reaches 20 million customers

SAO PAULO (Reuters) - Brazilian digital wallet PicPay hit 20 million clients in early May, reaching a goal previously expected for December as social isolation measures to combat the coronavirus accelerates the search for digital financial services, an executive said on Tuesday.

With thousands of stores closed in the country since March, the pace of new payment account openings was multiplied by six, said Gueitiro Genso, CEO of PicPay.

Genso said small businesses such as bars and restaurants, among the hardest hit by social distancing policies, represented a sharp growth in digital payments as they struggle to keep up with demand for deliveries.

The business restrictions have impacted card processors more dependent on in-store purchases, such as credit processing company StoneCo STNE.O, which announced a 20% cut in its workforce.

Reporting by Aluísio Alves; Editing by Aurora Ellis