Cryptocurrency payment adoption continues to soar, with Rappi’s pilot program.
Latin America delivery app Rappi is the latest business to adopt cryptocurrency, as the company announced the launch of a pilot program that accepts the nascent asset class in payments.
Popular news outlet Reuters reported today that the delivery app, which offers on-demand deliveries of food as well as other goods in Latin America, has partnered with crypto payment providers BitPay and Bitso for the initiative.
Following the partnership, Rappi users will be allowed to convert supported cryptocurrencies to credits inside the app and make their purchases directly from the platform.
According to the report, the pilot program will commence in Mexico and its success will determine a full rollout in other Latin American countries.
“It’s the first step that will allow us to learn and continue incorporating the crypto world into Rappi,” Sebastian Mejia, Rappi’s president, said in the announcement.
At the time of writing, it is not clear what cryptocurrency will be accepted for payment, but it is expected that Bitcoin (BTC), the world’s largest cryptocurrency will be included in the list.
Rappi’s Dominance in Latin America
Rappi is a delivery company operating in nine major countries in Latin America, including Colombia, Mexico, Brazil, Argentina, Uruguay, etc.
Aside from the delivery service, Rappi also offers financial-related services in Brazil, Peru, Mexico, and Chile, with plans on the way to debut digital banking services in Colombia this year.
Rappi launched “Pay with Rappi” in Mexico last year to rival PayPal and MercadoLibre’s dominance in the online payments sector.
More Companies Accepting Cryptocurrencies
Meanwhile, Rappi is not the only company eyeing the mouthwatering opportunities associated with digital currencies.
With the growing adoption of cryptocurrencies, companies are left with no choice but to offer payments in the nascent asset class or risk losing a majority of their customers to competitors.
Earlier today, New York-based myGemma became the first online luxury resale platform to accept bitcoin and Ethereum payments for its merchandise like shoes, bags, jewelry, and watches.