Latin America, home to around 300 million digital shoppers, is a diverse and fast-paced market adopting new digital payment and eCommerce innovations.
The Agenda Digital for Latin America and the Caribbean found that about 70% of the population in the region is connected to the Internet, while in 2021, internet penetration grew by a massive 2,658%.
This growth is seen in the way people are embracing different solutions, including digital payments. According to data from Statista, the transaction value of digital commerce in the region was estimated at more than U.S. $100 billion in 2019 and is now expected to increase by approximately 73% by 2025.
Despite challenges, including cash still being a popular payment method and a significant portion of the region being underbanked or unbanked, there are many success stories of companies contributing to improving the business and consumer payment experience in Latin America through digital adoption.
Rappi + Nuvei: A Strategic Partnership
Rappi is a Colombian delivery tech startup. The company started in 2015 and quickly became a powerhouse in the delivery of “anything”.
Today, Rappi is present in nine countries, in 300 cities, and has more than 700,000 carriers delivering products and providing services. Their mission is to create entrepreneurial opportunities for people and increase access to eCommerce in the Latin American market.
For this mission to happen every day, it was necessary for Rappi to partner with companies that understood the Latin America market and all of its nuances. Nuvei was the first payment provider who believed in Rappi’s vision and designed a solution customized to meet their needs.
What makes this such a successful long-term collaboration is the synergy between the two companies.
Rappi needed a payment partner who understood the complexities of each new market they entered and who could keep up with their rapid and evolving expansion plans. Nuvei’s flexibility and agility as well as deep and extensive local knowledge of the payments industry was extremely important for Rappi’s growth.
In celebration of the partnership, this short video shows how we work with partners like Rappi to accelerate their business with tomorrow’s payment platform.