Rappi, one of Latam’s most popular delivery services, has opted to add cryptocurrency to its app. Customers will be able to use cryptocurrencies as a payment mechanism to purchase Rappi credits directly from the app, according to the business, which received a valuation of more than $5 billion in its Series G fundraising round last year.
These Rappi credits can subsequently be used to pay for the app’s delivery services. The Colombian company, which became the first Colombian unicorn in 2018, has a presence in practically every country in Latin America, including Mexico, Costa Rica, Colombia, Peru, Ecuador, Chile, Argentina, Uruguay, and Brazil.
Rappi, on the other hand, has stated that this new pilot project will be limited to Mexican customers and has made no mention of a possible extension.
The incorporation of cryptocurrencies responds to the digital world’s rise and the need for new ways for users to connect with the app. Rappi’s president, Sebastián Mejia, commented on the importance of innovation and cryptocurrency for the company’s future:
“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.”
Crypto Inclusion: Implementation and Other Cases
While the pilot project is still in its early phases, the firm has stated that it is working with local exchanges to better integrate their services and make it easier for consumers to spend their cryptocurrencies in the app. Bitso and Bitpay, two exchanges with a presence in the country, were cited by Rappi as participants in this regard.
Rappi also stated that the organization is striving to improve transaction security between the exchanges and the app. Other companies in Latin America are also experimenting with incorporating cryptocurrency into their business models. This is the case with Nequi, a Colombian fintech platform that plans to enter the country’s cryptocurrency market.