Rappi follows in Elektra's footsteps and begins integrating cryptocurrency payments in Mexico, adding a new option to its delivery app.
A payment pilot launched by Rappi allows Mexicans to use cryptocurrencies to make purchases from the Colombian-based home delivery services app. The multinational brokerage and home delivery services company reported that it wants to add cryptocurrencies as a form of payment in Mexico, whose population has a great appetite for these digital assets.
Rappi launched its cryptocurrency payment pilot in Mexico City this week, reported Forbes.
At the moment, the new crypto payment method is in its initial stages, so some users may not be able to access this option. If successful, the company could expand its plans and bring cryptocurrency payments to other major cities in Mexico and around the world. Currently, Rappi is one of the most popular companies in Latin America, offering its services in more than 250 cities in the region.
Until now, the Elektra chain of stores, owned by Ricardo Salinas, was perhaps the only major company in Mexico that offered its customers the possibility of paying for their products using Bitcoin.
However, there are other smaller-scale businesses and stores that have also enabled cryptocurrency payment options in different parts of the country, such as Casa Awak, in Zihuatanejo, Mexico City.
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Cryptocurrency payments in Mexico
Through its cryptocurrency payments pilot, Rappi allows users in Mexico to connect their digital wallets and cryptocurrency accounts on exchange platforms to exchange crypto assets for Rappi credits in the app, which can be spent on the different products and services offered by the company.
Users can purchase different products, such as food and beverages, groceries, medicines and pharmaceuticals, by requesting home delivery services and using their cryptocurrencies as a means of payment, which expands the existing use cases for digital assets.
Sebastián Mejia, president of Rappi, assures that this first pilot will open the doors to innovation, which has always been one of the fundamental pillars of the company. Mejia said that “The future is the intersection of the crypto world with non-crypto companies, with easy and uncomplicated user experiences”.
In addition to providing delivery and home delivery services, Rappi offers financial products such as credit cards. The company is also seeking approval from Colombian regulators to operate as a digital bank.
Cryptoregulation in Mexico
In addition to this, Nuevo Leon state senator Indira Kempis Martinez wants to introduce a bill that would allow Mexico to follow in El Salvador's footsteps to regulate Bitcoin and cryptocurrencies in the country.
During the Bitcoin Conference 2022, held last week in Miami (United States), Kempis assured that it will seek to meet with Mexican President Manuel Lopez Obrador to present its regulatory proposal, which supports the financial and technological development of Mexico through the blockchain industry.
If a favorable regulatory framework for the crypto industry is approved in Mexico, the country could become an attractive destination for cryptocurrency investors. According to the consulting firm Finder, Mexico is among the 27 countries with a higher level of adoption and interest in cryptocurrencies by its population.
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