Rappipay

RappiPay was the digital financial services arm of Rappi, the Colombian super-app company that operates across Latin America. Launched in 2019 through a partnership between Rappi and fintech platform Arcus, RappiPay was designed as a digital wallet and payment solution integrated within the Rappi ecosystem. The service offered a Visa-backed prepaid debit card issued by Accendo Banco, enabling users to make payments via physical card, digital card, or QR code scanning. Users could transfer money to other RappiPay users, make interbank transfers, pay services, withdraw cash at ATMs, and receive cashback rewards of 1-3% at establishments accepting Visa. In Mexico, RappiPay operated under the transitory provisions of the Fintech Law after receiving conditional authorization from the National Banking and Securities Commission in June 2021 to operate as an Institution of Electronic Payment Funds. However, RappiPay ceased operations in Mexico in February 2024 as part of Rappi's strategic restructuring to focus on profitability. The company withdrew its application for a fintech license, with the Inter-institutional Committee approving the withdrawal in July 2024. The closure affected RappiCuenta digital savings account holders, though RappiCard credit card services continued through Rappi's partnership with Banorte. In April 2025, Banorte acquired RappiCard's entire business for $50 million, marking Rappi's complete exit from Mexico's financial services sector. While RappiPay continues operating in Colombia with around 750,000 users and regulatory approval as a financial entity, its Mexican operations are permanently discontinued.