Rappi, one of Latin America’s largest delivery firms, has begun a test operation to take bitcoins as a payment mechanism. Users will be able to purchase Rappi credits with bitcoin to use on the app’s many services. This capability will be available solely to Mexican users of these services.
Rappi Enters the Cryptocurrency Payments Market
Rappi, one of Latin America’s largest delivery services, has decided to integrate cryptocurrency into its app. The firm — which raised more than $5 billion in Series G funding last year — revealed that it is adding the ability for clients to pay with cryptocurrencies, which can be used to purchase Rappi credits directly from the app.
These Rappi credits can subsequently be used to pay for the app’s delivery services. The company, which began in Colombia and became the country’s first unicorn in 2018, operates in nearly every country in Latin America, including Mexico, Costa Rica, Colombia, Peru, Ecuador, Chile, Argentina, Uruguay, and Brazil. Rappi has stated, however, that this new trial initiative will be limited to Mexican customers and has made no mention of prospective growth.
This introduction of cryptocurrency reflects the digital world’s growth and the desire for new methods for users to connect with the app. Sebastián Mejia, president of Rappi, stated the following about the relevance of innovation and cryptocurrency to the company’s future:
Rappi is built on the pillar of innovation. We are interested in the crypto world and feel that the future lies in the confluence of crypto and non-crypto firms, with simple user experiences and no complexity.
Implementation and Additional Crypto Inclusion Examples
While this trial initiative is still in its infancy, the firm previously stated that they were collaborating with local exchanges to further integrate their services and make it easier for clients to spend their bitcoins within the app. Rappi cited Bitso and Bitpay as participants in this regard, as both exchanges have a presence in the country.
Additionally, Rappi stated that the company is aiming to strengthen the security of transactions between exchanges and the app. Other businesses in Latin America are also incorporating cryptocurrency into their business models. This is the case with Nequi, a Colombian financial platform that is preparing to enter the country’s cryptocurrency market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
