Mexicans Can Now Pay in Bitcoin for On-Demand Food and Goods

Key Insights:

• Colombian delivery app Rappi has begun accepting crypto payments in Mexico.
• Rappi joins Bitpay and Bitso to accept cryptos.
• Customers can get crypto credits through the app and redeem them later.

Colombian-based food and goods on-demand delivery app Rappi, which operates throughout Latin America, is now accepting crypto payments in Mexico.

Cryptos Turned to Credits

Per a report on Monday, Rappi will partner with crypto services platforms Bitpay and Bitso to accept crypto payments. The delivery company did not mention the exact cryptos it is planning to accept; however, it is likely that Bitcoin is on the list.

Additionally, Rappi will provide crypto credits to customers through the app, which they can redeem later.

Sebastian Mejia, Co-founder & President at Rappi, said in a statement,

“We are studying the crypto world with interest and believe that the future is the intersection of the crypto world with non-crypto companies. It’s a first step that will allow us to learn and continue incorporating the crypto world into Rappi.”

Rappi offers delivery services in 9 Latin countries and also provides financial services in Mexico, Brazil, Chile, and Peru. The company is planning to provide digital banking in Colombia later this year.

In 2021, the company launched ‘Pay with Rappi’ in Mexico, a project that allows online payments through the PayPal platform, challenging its regional rivals Mercado-Libre and Uber.

Latin America Turning Crypto Curious

The crypto industry has been consistent and growing in leaps and bounds, including its underlying blockchain technology, in Latin America. The trend in crypto transactions and payments has been rising in the region, mainly because it is fast and offers low transfer rates.

When it comes to regulations concerning cryptocurrencies, Brazil, Venezuela, Argentina, and Chile have approved the use of cryptocurrency. Brazil and Argentina both have income tax weighed upon all cryptocurrencies.

In 2014, Ecuador and Bolivia placed a ban on cryptocurrency and its circulation within their borders. The outright ban ensured that all currencies not regulated by the Government were deemed illegal.

It is also interesting to note that according to stats, the region with the most crypto users in the world is Latin American countries. One main reason is the perks given by commercial and digital stores accepting crypto payments. For instance, Elektra, a Mexican conglomerate, recently announced that customers who use cryptos for payments would get a 20 percent discount on the purchase of products.