Rappi Supports Cryptocurrency Payments
Rappi, one of Latam’s most popular delivery services, has opted to include cryptocurrency to its app. According to the business, customers will be able to use digital currencies as a payment mechanism to acquire Rappi credits straight from the app, which received a valuation of more than $5 billion in its Series G fundraising round last year.
These Rappi credits may subsequently be used to pay for the application’s delivery services. The Colombian firm, which became the first Colombian unicorn in 2018, has a presence in practically every country in Latin America, namely Mexico, Costa Rica, Colombia, Peru, Ecuador, Chile, Argentina, Uruguay, and Brazil. Rappi, on the other hand, has said that this new pilot project would be confined to Mexican customers and has made no mention of a prospective extension.
Incorporating cryptocurrencies responds to the digital world’s development and the need for new methods for users to connect with the app. Rappi’s president, Sebastián Mejia, spoke on the significance of innovation and cryptocurrencies for the firm’s growth:
“Innovation is one of the pillars of Rappi. We are studying the crypto world with interest and we believe that the future is the intersection of the crypto world with non-crypto companies, with easy user experiences and without complexity.”
While the pilot scheme is still in its early phases, the firm has said that it is working with local exchanges to incorporate their services further and make it simpler for consumers to spend their digital currencies in the app. Bitso and Bitpay, two exchanges in the nation, were cited by Rappi as players in this respect.
Rappi also said that the organization strives to improve transaction security between the exchanges and the app. Other firms in Latin America are also experimenting with incorporating cryptocurrency into their business models. This is the case with Nequi, a Colombian financial platform that plans to enter the nation’s cryptocurrency market.