Rappi Taps Arcus for Latin American Payments App

Rappi, a Latin American on-demand delivery startup, on Wednesday announced its partnership with Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and finances.

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.”