PicS N.V.

The company monetizes its wallet and banking product primarily through P2P, Pix, and bill payment transactions funded by credit cards. Transaction fees charged to the payer for credit card transactions range from 3.49% to 5.49% of the transaction amount, recognized as "net revenue from payment transaction activities and other services." Installment fees, recognized as "financial income," range from 3.99% to 5.49% per month of the transaction amount. The company receives the total amount charged to the consumer's credit card, net of interchange fees and the merchant discount rate from the merchant acquirer. Fees are not received from merchants for credit card transactions in the wallet unless the receiver is a merchant affiliated with the PicPay network, in which case a merchant discount rate based on payment volume is charged. P2P (closed-loop) and Pix transactions funded by balances in digital wallets are free of charge. The platform allows consumers in Brazil to pay for various digital wallet transactions in up to twelve installments using their credit card. In Brazil, the credit card settlement period is approximately 30 days.