Colombian app Rappi – which delivers food and other household items directly to customers – has announced its intention to accept crypto payments in the coming future.
Rappi Will Accept BTC Next Year
The move is essential to the crypto space in that it brings the initial goals of bitcoin and many of its altcoin cousins closer to being accomplished. What many people likely forget is that bitcoin and other digital currencies – while primarily taking on speculative forms – were initially designed to serve as payment methods for goods and services. They were built to push things like credit cards, checks, and fiat currencies to the side, but this has been a slow journey given that there is heavy volatility associated with these assets.
Much of the time, we cannot tell when these currencies’ prices are going to rise or fall. They are hard to predict, and over the years, several companies and businesses have said “no” rather resoundingly when it comes to accepting crypto payments because they are afraid of losing profits. To an extent, we can’t really blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of items with BTC. For one reason or another, the store does not exchange the funds for fiat right away, and 24 hours go by. The next day, the price of BTC has dropped, and that $50 turns into $25. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s why enterprises like Rappi are proving essential to the growth of crypto. The delivery app’s executives have announced that beginning in the first quarter of 2023, customers can use assets like bitcoin, Ethereum, and other digital tokens to pay for the firm’s delivery services. If this works, executives say they will push Rappi’s presence in the world of finance to the point that the company can become its own bank, which is tentatively being called Rappi Pay.
Colombia president Gabriel Migowski explained in an interview:
We want to be a full bank. We’ll be an ideal bank for all those within the Rappi ecosystem. Not just individuals who are consumers, but also Rappi delivery workers and legal entities like businesses. We’re primarily focused on creating the best credit card experience so afterward, we can offer (services) to small and medium-sized businesses which operate within Rappi.
How Far Has the Company Gotten?
At the time of writing, Rappi is available to customers in Chile, Peru, Brazil, Colombia, and Mexico. The company boasts approximately 750,000 users and has provided individuals with more than 120,000 credit cards they can use to gain access to the company’s services.
Last August, the company raised more than $500 million through a funding round.