PicPay has launched a feature in collaboration with ChatGPT that allows customers to access financial information through the AI assistant.
The integration’s goal is to allow PicPay’s customers to retrieve information about their personal accounts, such as account balance, active cards, past transactions, investments, or pending bills. These details will be generated by ChatGPT’s AI assistant, without any other app being involved in the process.
Platform access and feature limitations
The feature can be used from ChatGPT’s plugins section, which grants the user permission to browse and install different tools. Once the PicPay option is found, the customer is redirected to the digital wallet’s app for identity confirmation via OAuth, a standard security protocol. OAuth lets the user pick the specific data they desire to share from their personal account. The access can be withdrawn at any moment.
PicPay announced that access to this feature will be granted through a VIP list. Android and iOS device users will be able to engage with this feature.
There’s no cost for this service and no need for a ChatGPT subscription plan to gain access.
PicPay’s integration limit is that the AI assistant is restricted to consultations and monitoring. The platform does not process transfers or payments, at least not in this initial phase.
AI's role in the financial world
As Eduardo Chedid, CEO of PicPay, says, the company’s initiative is directed towards simplifying the customer’s relationship with their financial life by using a platform that is already familiar to them.
One of the targeted audiences consists of younger people who are not yet accustomed to the financial world and would benefit from having access to a space that helps them better understand how their digital wallet works.
AI financial advisors have gained popularity because they are free of charge, easy to reach out to, and offer instant responses. Though this has had a great impact on the number of people consulting AI for financial counselling, when it comes to having trust in the resulting advice, there’s an ongoing debate.
Based on a study made by the EY organisation, nearly half of global consumers, 49%, have asked AI for financial support in the last few months. Around 68% of these are Gen Z users who reach out to AI assistants for financial management. Closely behind, the millennial segment represents around 65%.
That being said, not all users are entirely trusting the AI machine’s capabilities to offer practical, and applicable guidance. Since AI cannot be held accountable, AI ethics specialists’ advice population to be mindful of the information that it generates.
