- Reduce the costs of unrecognized charges by 30 percent by reducing call center interactions, emails, and chats.
- Improves profitability by 70 percent compared to traditional banks.
- It enables the rapid deployment of new financial services for people in regions with insufficient access to banking services.
- Increase trust among users through greater transparency in financial transactions.
- Reduce DevOps time and resources in maintenance and administration through pre-engineered APIs.
- Accelerate credit card approvals for new customers.
As more communities use digital services to purchase items online and access everyday services, expectations for highly reliable, simple, and secure experiences are rising. Within financial services, the pressure on businesses is even greater given the need to balance high-quality interactive experiences while protecting sensitive customer information as part of more complex transactions.
Rappi, which launched in 2015 as a delivery service for electronics, food, groceries, household items and more, acknowledged a lack of digital payment options in the countries it serves, including Colombia, Mexico, Brazil. and Argentina. In 2019, it decided to enter the financial services industry by implementing its own credit card to help the unbanked and underbanked people living in the countries it serves.
“If you look at financial services in many Latin American countries, they are often based on technologies from the 1970s and 1980s,” he says. John Paul Ortega, co-founder of rappi. “We especially wanted to provide the unbanked and underbanked with streamlined digital services such as instant bank transfers. With that in mind, we set out to establish an infrastructure that enables payments using microservices.”
Given that Latin America has some of the lowest approval ratings in the world for credit and debit cards, Rappi knew that he had the opportunity to better serve people in the region by making their credit card applications also easier to complete and submit.