Amid mounting rivalry in the payments industry in Latin America, delivery company Rappi is launching credit cards for Brazilian users, Reuters reported.
Rappi has teamed up with Visa to provide the credit cards. Credit card offerings include RappiPrime Infinite, which is charged at 89 reais (approx. $ 17.50) per month, and RappiGold, which is free of charge.
Those who use the company’s credit cards receive at least 3 percent cashback on Rappi purchases or at least 1 percent at other retailers.
In addition, Rappi intends to expand financial services in other markets.
RappiBank boss JoÃ£o Paulo FÃ©lix said in the report that Rappi believes financial services can boost the use of delivery apps.
“It creates a positive cycle, as giving credit to users and partners means more business within the app,” said FÃ©lix, according to the report.
Reuters reported that Rappi is providing retail and restaurant owner partners with working capital lines of credit. According to the report, Rappi entered the Brazilian market in 2017.
The news comes that SafetyPay, the alternative online payment platform, has teamed up with Rappi for cash solutions and instant reconciliation.
SafetyPay’s technology enables people without cards and consumers who are afraid of fraud to enter the digital market via bank transfer or cash.
According to an announcement in October, SafetyPay works with 380 financial institutions in 17 countries around the world.
“We are constantly striving to use the latest technology to protect our customers and provide them with the best online experience,” said Gustavo Ruiz Moya, CEO of SafetyPay, in an announcement in October. “Our partnership with Rappi promotes SafetyPay’s commitment and responsibility for secure and trustworthy banking for consumers worldwide.”
Rappi offers its customers access to various types of deliverable goods and services when required. Its marketplace is geared towards offering meals, technical items, beverages, groceries and medicines.
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