Miami, April 4, 2019 – Visa Inc. (NYSE:V) today announced a strategic partnership agreement with Rappi, the premier on-demand commerce platform in Latin America, to help accelerate digital commerce and financial inclusion across Latin America and the Caribbean. Under the multi-year agreement, the companies will work together to drive next generation digital payments and financial services solutions and eliminate cash from small ticket transactions— a benefit for both merchants and consumers that use Rappi’s platform. This agreement is an expansion of the collaborative work that has been underway with Rappi in the region.
“Visa understands that digital platforms continue to drive significant innovation that is benefiting the broader payments and commerce ecosystem across Latin America. Collaborating with digital players, startups, and Fintech companies is a fundamental building block of our growth and innovation strategy. This partnership with Rappi demonstrates our commitment to supporting emerging and high-growthdigital companies in our markets,” said Eduardo Coello, President for Visa Latin America and Caribbean. “Rappi, one of only two ‘unicorns’ in the region, has an innovative vision, the execution muscle, and a customer-first leadership team to be an ideal partner for catalyzing widespread acceleration of next-gen commerce and payment solutions. They are disrupting
commerce and financial services and we couldn’t be happier to join them on this journey.”
As mobile and digital payments become the norm, Visa’s goal is to ensure that all payments are simple, convenient and secure, regardless of the device that is used to pay – whether a wearable, phone, appliance or any device connected to the internet.
The partnership agreement is an extension of the work we have already been doing together. Rappi and Visa are already making the Rappi platform more secure through CyberSource Decision Manager, a fraud management solution that is a core part of CyberSource, Visa’s payment management platform. The solution mitigates the risk of payment fraud and gives Rappi the ability to customize rules and models to their specific business, across all their channels. This ultimately helps Rappi streamline transaction authorization processes, while providing a more secure digital-commerce environment for their consumers. In addition, Visa and Rappi have worked on projects
to simplify the payment of independent couriers. Rappitenderos (Rappi couriers) now use Visa accounts to efficiently receive payment for services rendered and to manage day-to-day expenses.
“Visa has the innovation culture, customer-centric focus and global presence we want to leverage as we partner to create the next generation of digital payment solutions,” said Simon Borrero, Co-Founder & CEO of Rappi.
“We are proud of this partnership and are already working together to deliver on the promise of the digital transformation for businesses and consumers alike. I am looking forward to the opportunities that lie ahead.”
Colombia leads the way in partnership milestone:
The announcement comes as Visa and Rappi partner on the launch of the RappiPay Visa Debit card, a new
card that has been marketed first to Rappi’s most frequent user-members in Colombia, and will be launching to the public in the coming weeks. Customers can sign up for the stylish, orange unembossed card directly through the Rappi App. The card is delivered by a Rappitendero and is then activated through a unique
QR code. The reloadable contactless card, issued by Banco Davivienda, is a convenient product as it functions as a debit card that can be used for online as
well as in-person purchases.
“Extending a Visa debit card to the thousands of Rappi customers immediately expands financial inclusion efforts in Colombia and their ability to participate in the digital economy and electronic commerce,” added Humberto Guihurt, Visa Colombia Country Manager. “This is just one simple step in many we envision creating with our partnership.”
Colombia has consolidated itself as the third Fintech ecosystem in Latin America with a net growth of 45% over the last year and a half, with 78 new startups, according to Finnovista data from 2018. Colombia native Rappi, which reached unicorn status in 2018 – valued at more than US$1 billion – is currently operating in Colombia, Mexico, Brazil, Peru, Argentina, Uruguay and Chile. The strategic partnership with Visa is pan-regional and will grow with Rappi’s expansion into other markets.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses,
financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit Visa.com and @VisaNewsLatam.
Rappi is a mega high growth company creating the “everything app” for Latin America. Through Rappi, consumers and businesses can order anything from prepared foods, to cosmetics, and even home repair services. Rappi already operates in Colombia, Mexico, Brazil, Peru, Argentina, Uruguay and Chile and is looking to grow rapidly
across the rest of Latin America. More information can be found at www.rappi.com.