Startups

Rappi wants to change banking

Rappi has been the first Colombian company to achieve unicorn status. Now it continues to expand its service portfolio. We talk about Rappipay, a virtual wallet.

Rappi has been the first Colombian company to achieve unicorn status. Now it continues to expand its service portfolio. We talk about Rappipay, a virtual wallet.

Colombia depends on cash. Currently, one of out ten transactions in the South American country is with ready money, but both banks and Rappi believe that this trend will change in the coming years. Indeed, the budget for the investigation of these new trends increased by 40%.

Rappi is a perfect partner for banking because it is a shopping app with a base of 500,000 users accustomed to making transactions by phone.

Rappi is the first Colombian unicorn.

Alliance with Davivienda

Experts considered a possible alliance between Rappi and Davivienda. A local newspaper published some images with logos of both companies combined although nobody has announced the partnership. The official announcement is expected to arrive in the coming weeks.

RappiPay is one of the most innovative features of the platform. It allows transactions such as money transfer and payments at allied stores. For greater security, it has its own PIN.

Previously, Rappi CEO Simon Borrero said that the company seeks to create together with its financial allies a different experience around access to banking. He gave an example of how the accounts were opened. Before, it was a formal ceremony. For a millennial, it is different now.

Experiences in the financial sector

Previously, Rappi approached to banking. It created an alliance with Scotiabank Colpatria with whom he launched his credit card. There is also a precedent with BBVA that offers some services to those who use the bank’s cards when paying with Rappi.

The partnership with Davivienda will bring the possibility of having a physical debit card associated with the Rappi account. Recently, Rappi launched a social media campaign where it invites to sign up to preorder the debit card, but Davivienda is not named. Another known detail about the card is that it will be from the American Visa franchise.

Rappi launched a social media campaign to promote RappiPay.

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