SoftBank-backed delivery app Rappi is launching credit cards for its users in Brazil, expanding its financial products portfolio as competition in the payments sector heats up in Latin America.
Rappi partnered with payments company Visa Inc to offer the credit cards, marking the two companies' fourth such collaboration in Latin America, following similar launches in Mexico, Colombia and Peru. Rappi also plans to expand financial services in its remaining five markets.Rappi believes financial services can boost its delivery app usage, said João Paulo Félix, chief executive of RappiBank, a Brazil-based digital bank the company launched earlier this year.
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