Alternative digital payment platform SafetyPay has joined forces with Latin American eCommerce firm Rappi for cash solutions and immediate reconciliation, according to a Tuesday (Oct. 6) announcement.
The technology of SafetyPay lets those who don’t have cards and consumers who are worried about fraud take part in the digital marketplace through cash or bank transfer. According to the announcement, the platform paves the way for online retailers to reach a wider array of customers by taking alternative payment methods.
SafetyPay CEO Gustavo Ruiz Moya said in the announcement that safe payments have been a central focus for the company since it was established over 10 years ago.
“We constantly strive to leverage the latest technology to protect our customers and offer them the best experience online,” Moya said in the announcement. “Our partnership with Rappi advances SafetyPay’s commitment and responsibility of safe and trustworthy banking for consumers worldwide.”
As it stands, SafetyPay teams with 380 financial institutions in 17 nations throughout the world. It runs the biggest network of cash collection points and banks in Latin America, according to the announcement.
Rappi provides customers with a broad selection of deliverable products and services on demand. Its marketplace is focused on providing meals, beverages, tech merchandise, supermarket items and medicine.
The news comes as the rise of the super app appears to be on the short-term horizon, powered by the funding required to build out features and launch in new markets. The super app is one that provides users with access to a wide range of activities covering all parts of daily life — food delivery, ride-hailing and financial management — while integrating payments into it all.
The grand design is to make an ecosystem that supports a sticky relationship with users and enables the great digital shift. And, Latin America remains an especially busy market for super apps.
PYMNTS TV LIVE OCTOBER SERIES: B2B PAYMENTS 2021 – WHAT WILL YOU CHANGE?
Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.