Delivery platforms are now taking to the fintech business and joining the race to offer apps “for everything”. keys
The competition to be the new “super app” in the region is underway, with companies from different sectors entering the fintech universe. Especially virtual wallets.
there are two examples Rappi and order nowwhich in recent years Went from “Saral” delivery app to platform that provides all kinds of services, Of course, financiers.
For the time being, Colombian startup announced ruppybank, whereby it provides these types of benefits to businesses and consumers in Colombia, Mexico, Peru, Chile and Brazil. In addition, it received regulatory approval to operate as a digital bank in Colombia, so “Deposit and savings products to be offered by financial institution RappiPay,
In the case of OrdersYa is enabled by the Central Bank as a payment service provider in Argentina. from the signature they guess iform who proceed to launch a visa card.
What are the financial services offered by Rappi?
Explaining the reasons that inspired Rappi to venture into the fintech world, the company indicates iform that “every initiative promoted in a market Is part of an integrated strategy that seeks to complete the cycle of consumption and provide financial services easily and with the best technology”.
“The strategy in each country is made independently and with teams, partners and attitude local. In each, the relevant regulations on financial services are considered,” he says. RappiBank did not arrive in Argentina, it is already available in the following markets,
- Mexico (in alliance with Banorte)
- Peru (Interbank)
- Brazil (Rappi Capital)
- Chile (Itau)
“In Colombia, the initiative stems from a 50/50 agreement with Davienda Bank: RapiPay aims to consolidate itself as a banking entity with the support of the Colombian Financial Superintendence,” they reveal.
Rappi is able to offer financial services to several countries in the region
The firm also highlights that the growth has been exponential. In Colombia, RappiPay went from having more than 50,000 credit cards in 2020 to 150,000 in December, “We currently have about 200,000 credit cards issued and We plan to close the year with over 500,00065% year-on-year growth”, he explains.
Colombian startup revealed: “With over 800,000 customers, RappiPay is the largest fintech in Colombia and achieved in record time Guaranteed to work as a financial institutionThus breaking plans with technology and leveraging the power of the Rappi ecosystem”.
Another case has come to the fore, which happened Mexico: “Rappi and Banorte launch RappiCard At the end of January 2021. since, It has become the second most commonly issued credit card with last year in mexico 570,000 Plastics,
What are the financial services provided by OrdensYa?
Guillermo Stockdale, Fintech Senior Director at Ordnésaya, points out that iform what The company is actively venturing into the world of fintech for 15 countries in Latin America : “We have a tie up with visa Promoting financial and digital inclusion and accelerating the transition from cash to digital payment experiences for consumers, couriers and business partners.”
Stockdale says that Order Now Payments is the brand under which Online Transaction Solution is provided in the app and allows “credit and debit card payments among other means”.
Describing the projects to move towards the world of fintech, Stockdale commented: “We want Improve user experience by promoting better benefitsFocusing on restaurants and shops.
OrdensYa signs an alliance with Visa to offer new financial services in the region
,We are working on launching Visa credit cardwhich will facilitate access to financial services, a 100% digital experience within the app, Customers will be able to withdraw it within minutes and pay instantly, both on the app and in any e-commerce store.”
The executive also estimates that A physical plastic will be delivered to reach the “Special Benefit at any time”Although for the first time they will test the service in Panama.
Why do Rappi and Ordensya want to become financial?
Information about your customers’ consumption and taste is one of the most valuable assets. of a company to offer its services. This is something that delivery apps have.
“The more I know them, the better the offer I can bring. Delivery apps contain data for businesses, delivery people, and consumers: they can do special offerings for all,” he explains iform Juan Jose Lanzarroti, co-founder of Tir, a free platform that provides financial education tools, adds: “talking about applications talking about databases,
Ignacio E. Carballo, an expert in financial inclusion and technical finance, reveals iform Other inspiration: “In Latin America, progress is being made and competing for the model of super app, In developed economies or in more mature digital sectors, these places have already been covered: PayPal and Amazon in the US; WeChat and Alipay in China”.
He says that “Latin America is still in that race, There is no bigger wallet today that fits all needs financial and non-financial, that is what defines super app,
“For this reason, within the fintech world it is moving towards that plan: In Argentina we see this with the Mercado Pago, but there are other cases in the region as well.“, says Carballo. In his vision, “the model is quite traditional, even theoretical and studied in universities. WeChat was a messaging app, while PayPal was born as an ecommerce payment platform.”
“At the end of the day, The key is to have everything in one place and a person’s entire digital life served in a single app, Not only the financial part, but also their consumption of digital content, streaming, video games, electronic commerce, delivery, etc. ”, he emphasized.
when referring to the effect that Big companies landing “of another suit” in the world of fintechCarballo explains that “This means more competition and mobility by offer. In the end, this results in Better quality of services and more investment in innovation, For consumers, that’s great.”
In the case of fintech, the economists point out that “They have to compete and learn to differentiate themselves In a more difficult scenario.
“Actually, it doesn’t affect them very much because those companies are also moving there. But, without a doubt, For those who provide only one service, it will be more complicated.Because as the competition grows, they have to differentiate themselves by offering something different,” Carballo concluded.
