Rappi, a Latin American on-demand delivery startup, on Wednesday announced its partnership with fintech platform Arcus for its new payments application.
Dubbed RappiPay, the new application will offer digital wallet and banking services, enabling customers to manage their payments and finances.
The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation
Commenting on the partnership, Alejandro Solis, general manager for Rappi, said: “We want to make life easier for our customers, particularly during this difficult time. With RappiPay, people can manage all of their financial needs from the safety of their homes. Arcus was a natural partner for us, as they had the operational, technical and regional expertise needed to help us go to market quickly with an exceptional customer experience.”
Targeting an untapped market
As detailed by the announcement, Arcus was primarily tapped to integrate multiple payment methods within the app, including credit and debit cards, along with cash.
With RappiPay, the company is targeting the lucrative Latin American markets where penetration of fintech services is still at the lower end. Initially, the application is only available in Mexico.
Last month, Arcus partnered with 7-Eleven, a major retail chain, to cashless payments in the Latin American countries.
“At Arcus, we believe that everyone, everywhere should have access to exceptional fintech products, services, and solutions. RappiPay is leveraging our deep financial industry expertise and technology to create a better, smarter way for people to take control of their payments during this challenging time,” Inigo Rumayor, co-founder and CRO of Arcus, said.
“We are excited to collaborate with Rappi on this initiative, which we believe is the first step in a long, promising road of fintech innovation and expansion within the Latin American market.”