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RappiPay: the new fintech for electronic commerce in Latin America

Latin American region, is experiencing an important stage of eCommerce development. According to data revealed by Statista, total purchases of electronic commerce in the region may reach $ 79.9 billion in 2019 and after this scenario RappiPay has emerged to diversify digital services to facilitate this process to users.

RappiPay: a new secure and easy-to-use payment method

Sebastián Mejía, co-founder and CSO of Rappi, the home delivery startup that was recently valued at more than a billion dollars being the first Colombian unicorn, said that “in response to the needs of the region, we created RappiPay, an option that leaves behind the cash, credit cards and signatures, will allow Mexicans to make purchases in the most important shops in the country, request money and even withdraw cash by means of a QR code from wherever they are “.

According to Mejía, in Latin America there are all the conditions for a satisfactory eCommerce development during the following years. And according to the Digital In 2018 report, Internet penetration amounts to 73%, which has revealed the important market of users who could benefit from digital products.

“We seek to detonate this development with a service that understands the behavior of its users. That allows you to pay in more than 300 allied stores, just showing your cell phone. RappiPay nowadays can not only be used in Mexico, it is also enabled in Argentina, Brazil and Colombia, becoming a milestone for LATAM, being one of the first startups to incorporate this service “added Mejía.

In Latin America an average of 9.2 online transactions per user per year is performed

As we mentioned a few days ago Rappi has chosen Worldpay to continue its rapid international expansion, since it has the best conditions to provide the necessary international coverage to boost its foray into new markets, without limiting the brand capacity in order to provide a good customer experience.

As of today, the region maintains an average of 9.2 transactions online per user per year, a figure that still contrasts with the 22.1 that are made daily in Asia. Despite this, for the platform manager, the diversification of digital financial services reveals the potential of eCommerce in the future, which is encouraging.

RappiPay works like a normal bank account, where the user can manage their money, send and receive funds, split accounts between two or more people as well as collect money to buy and pay at all Rappi’s partner stores, only with the use of the cell phone.

When scanning through the cell phone the QR code that will appear in each associated establishment, the user will know the value of the purchase on the screen of his mobile, and it will only be necessary for the client to accept the amount to pay to make the payment, which will be deducted from your account.

This technology in addition to providing ease of payment method, also offers greater security to users, one of the limitations for the growth of eCommerce in the region.

Published inFintech
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