Rappi and Visa to introduce credit cards in Brazil
Amid growing rivalry in the Latin American payments industry, delivery company Rappi is rolling out credit cards to Brazilian users, Reuters reported.
Rappi has partnered with Visa to provide the credit cards. Its credit card offerings include RappiPrime Infinite, which will be billed 89 reais (about $ 17.50) per month, and RappiGold, which is not billed.
Those who operate the company’s credit cards will get a minimum of 3% cashback on Rappi purchases or at least 1% from other merchants.
In addition, Rappi intends to develop financial services in other markets.
RappiBank CEO João Paulo Félix said in the report that Rappi believes financial services can strengthen the use of its delivery app.
“This creates a virtuous circle, because granting loans to users and partners means more offers within the app,” Felix said, according to the report.
Reuters reported that Rappi is providing its partners who own retail businesses and restaurants with working capital lines of credit. Rappi entered the Brazilian market in 2017, according to the report.
The news comes as SafetyPay, the alternative online payment platform, has partnered with Rappi for cash payment solutions and instant reconciliation.
SafetyPay’s technology enables those without cards and consumers concerned about fraud to participate in the digital marketplace by wire 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 harness 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 advances SafetyPay’s commitment and responsibility to safe and reliable banking services for consumers around the world. “
Rappi gives customers access to different types of goods and services that can be delivered on demand. Its market is focused on offering meals, tech items, beverages, groceries and medicines.