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Contxto – While cash payments reign supreme in Latin America, the digital banking revolution continues with delivery goldmine, Rappi, and Colombian bank, Davivienda. Together, these forces have launched “RappiPay Davivienda,” a new fintech service bridging the gap between banked and unbanked Colombians.
RappiPay is one of the newest tools on the Rappi app. What began as an idea has turned into reality. With the alliance sealed, the Colombian delivery startup is now on its voyage into the digital banking frontier.
According to President of Davivienda, Efraín Forero, the purpose of the collaboration is to provide easily accessible financial services to Colombians.
“We want all our ‘Rappitenderos’ to start being agents of change and promote in their neighborhoods all the people who are not banked,” said Forero. “They have the opportunity to register in seconds and start enjoying financial services thanks to this alliance between Rappi and Davivienda.”
Not requiring any bank accounts, some of its functions range from transferring funds between users while also functioning as a digital wallet. This means that Rappi users can pay for items through QR codes at affiliated stores.
While Rappi provides customers with instant supermarket, restaurants or pharmacy delivery, financial freedom is the newest addition to the platform. That is to say, it is not necessary to be a Davivienda member to benefit from this service. All you need to do is download the Rappi app and activate the Davivienda feature.
Money transfers are expected to be as easy as 1-2-3, according to Simón Borrero, CEO of Rappi.
“If you know people in other Colombian cities, you can send them money for free,” said Borrero. “You do not have to pay for a money order and those people may or may not have the application.”
“Simply choose the phone number, click, and that person gets a code. From there, they can either save it in the Rappi application to order food. Or, they can go to any Davivienda cashier in any of its 15,000 locations and pick up their money for free.”– Simón Borrero, CEO of Rappi
Users can send money to their RappiPay accounts via electronic bank transfer, RappiPay transfer, or at a Davienda office. According to reports, there are not any transaction costs. Moreover, users can expect the possibility to earn nanocredits as well as insurance on RappiPay.
Besides money refills, customers can also perform a variety of other tasks. These include withdrawing money from ATMs, requesting cash, charging friends, as well as paying via QR codes at retail locations. Users can also pay for Rappi or other global electronic commerce services via RappiPay.