Amid increasing rivalry in the payments vertical in Latin America, delivery company Rappi is rolling out credit cards for Brazilian users, Reuters reported.
Rappi teamed with Visa to provide the credit cards. Its credit cards offerings include RappiPrime Infinite, which will come with a fee of 89 reais (approximately $17.50) per month, and RappiGold, which doesn’t come with a fee.
Those who harness the firm’s credit cards will get a minimum of 3 percent cashback on Rappi purchases or at least 1 percent with other merchants.
Moreover, Rappi intends to grow financial services in other markets.
RappiBank Chief Executive João Paulo Félix said per the report that Rappi is of the opinion that financial services can strengthen its delivery app usage.
“It creates a virtuous cycle, as extending loans to users and partners means more deals within the app,” Félix said, as per the report.
Reuters reported that Rappi equips retail and eatery owner partners with working capital credit lines. Rappi entered the Brazilian market in 2017, according to the report.
The news comes as SafetyPay, the alternative online payment platform, has teamed with Rappi for cash solutions and instant reconciliation.
SafetyPay’s technology allows those who lack cards and consumers who are concerned about fraud to participate in the digital marketplace by way of bank transfer or cash.
According to an announcement in October, SafetyPay works with 380 financial institutions in 17 countries globally.
“We constantly strive to leverage the latest technology to protect our customers and offer them the best experience online,” SafetyPay CEO Gustavo Ruiz Moya said in an October announcement. “Our partnership with Rappi advances SafetyPay’s commitment and responsibility of safe and trustworthy banking for consumers worldwide.”
Rappi gives clients access to different kinds of deliverable merchandise and services on demand. Its marketplace is geared toward offering meals, tech items, drinks, grocery items and medicine.
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