Rappi is one of the largest delivery firms in Latam. A pilot project has been launched to accept cryptocurrency as payment. Rappi Credits will enable users to acquire cryptocurrency in order to later use various services provided by the app. These services are only available to Mexican customers.
Rappi gets into Cryptocurrency payments
Rappi is one of the most popular delivery companies in Latam. The company — which last year reached a valuation of more than $5 billion in its Series G funding round — announced that it is bringing the possibility for customers to use cryptocurrencies as a payment method, using them to purchase Rappi credits directly from the app.
You can use these Rappi credits to purchase delivery services via the app. It was founded in Colombia and became the first unicorn company in Colombia in 2018. The company is now present in nearly all parts of Latam including Mexico, Costa Rica (Costa Rica), Colombia, Peru Ecuador, Chile. Argentina, Uruguay and Uruguay. Rappi said that this pilot project was only for Mexican users, and did not discuss an eventual expansion.
With the rapid growth of digital technology, the inclusion of crypto currencies answers to the demand for new ways users can interact with their app. On the importance of innovation and cryptocurrencies for the future of the company, Sebastián Mejia, president of Rappi, stated:
Rappi is a pillar of innovation. With great interest, we are looking at the crypto industry. We believe the future lies in the integration of crypto and non-crypto businesses. This will allow for simple user experience and avoid complexity.
Crypto Inclusion: Implementation and other Instances
The pilot project is still very early in development, but the company announced that it was working with the local exchanges to improve their service and make it more convenient for users to buy cryptocurrencies through the app. Rappi mentioned Bitso, Bitpay and other exchanges that have a presence in India as possible participants.
Rappi explained that the company works to improve the security of the transactions between exchanges and apps. Latam has many other businesses that want to embrace crypto as part of their business model. Nequi, an Colombian fintech platform, is one example of this. They plan to get into crypto in Colombia.
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