RappiPay is a Mexican neobank that offers personal account services and debit cards through a mobile application that runs on iPhone and Android platforms. Current users can establish mobile bank accounts through the platform.
About Rappi pay: driving financial Inclusion
Rappi Pay established its operations in 2018 by creating a financial service which provided near-field communication-based prepaid cards and wallets for customers in Colombia.
RappiPay obtained its banking license to establish itself as a financial services provider which delivers complete money management solutions across its user base without documentation requirements. RappiPay users access a 100% digital app for sending and receiving money and bank transfers to all Colombian banks, and bill payments and cash withdrawals at any Davivienda Colombian ATM network free of charge. The RappiPay card facilitates quick and seamless payment options during store shopping activities.
RappiPay leads the financial inclusion movement by providing banking solutions for underbanked and underserved Colombians, which both advances national digitisation programs and enhances financial accessibility. RappiPay’s CEO, Gabriel Migowski, expressed that the recent capital infusion demonstrates market backing and trust in the company, which enables continued delivery of premium digital payment solutions to all citizens across Colombia. RappiPay secured a $112M financing, which will drive financial inclusion efforts in Colombia during the current period. Bancolombia, along with Banco de Bogotá and Davivienda and Itau, extended their financial credit to the fintech.
RappiPay’s FinTech evolution: driving financial inclusion and cross-order expansion in Latin America
RappiPay has distributed more than 215,000 credit cards throughout Colombia, which enabled the company to provide close to USD 4 million in cashback rewards to its customers. The majority of these users (more than 40%) received their initial credit card from RappiPay. The financial system has gained 80,000 new users through RappiPay products since their launch about one year ago.
The main success factor for expanding operations from Mexico to Chile requires Cross-Border partnership development
The exceptional aspect of Rappi lies in its ability to align with business partners across international borders. When the pandemic hit the FinTech made a deal with Grupo Financiero Banorte to launch digital financial platforms in Mexico.
Itaú Corpbanca joined forces with Rappi in 2021 to expand financial inclusion across Chile, which makes the institution the fifth-largest private bank in the country. Rappi joined forces with Chubb to co-develop tailored insurance solutions which would serve their regional user base spanning millions of customers. Rappi launched its operations in 2015 and then evolved to provide all manner of services. Rappi successfully achieved its goal of becoming the most comprehensive app in the daily lives of Latin American people. So what’s next? Rappi plans to establish its position as the leading and biggest super app throughout Latin America, with main markets including Mexico and Brazil.
It offers services like:
- Digital bank account (no physical branches).
- Prepaid & credit cards.
- Payments & transfers.
- Rewards and cashback.
- Crypto or investment options (in some countries).
For your first step, you need to verify if Rappi operates in your country.
The next step to begin using Rappi involves downloading and establishing a new account through the app.
- Install the Rappi application by accessing either Google Play or App Store.
- Launch the Rappi app to build a new account through its sign-up process if you are not already registered on the platform.
- Access the RappiPay or RappiCard application section found in the menu based on your location.
- Tap open your account, or apply for a Card.
To start with identity verification, you must verify your identity by showing your national identification document, followed by taking a selfie and possibly showing your tax ID or proof of address.
You’ll need to provide:
- National ID (INE, DNI, Cedula, etc.).
- Selfie for identity check.
- Proof of address, together with tax ID (or alternative documents), might be required.
The verification process falls under bank regulations for fraud prevention.
Order your Rappi card
Depending on the country, the system will provide you with the choice to obtain either a credit card or a debit card. Some locations offer Visa or Mastercard services, which contain benefits such as cashback and zero annual fees and Rappi Prime membership advantages.
Track spending
You can view categories while creating spending limits through this platform.
Save or earn cashback
The accounts offer either cashback payments or interest payments to their customers.
The connection to the Rappi Prime platform provides additional rewards for users.
Stay secure
Use biometric login: Every transaction will trigger notifications through the app settings.
You can activate a temporary card freeze when your card gets lost.
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