RappiCuenta to Cease Operations in Mexico by February 2024

Reports and user communications reveal that RappiCuenta, a digital debit account offering, will cease operations in Mexico by February 11, 2024. The announcement urges users to transfer any funds before the closure. While the RappiCuenta service is ending, the RappiCard, a credit card offering, remains unaffected and touted as a solid product continuing in Mexico.

RappiCuenta stands among various fintech offerings in Mexico, competing with the likes of Nu and Mercado Pago, by providing up to 10% annual yield and fee-free management, all through the Rappi app. From January 2, 2024, RappiCuenta will no longer accept deposits, prompting users to handle RappiCard payments using the provided CLABE number.

Rappi, a major Latin American company with over 30 million monthly active users, began as a food delivery service and expanded into various sectors, including digital banking, credit card services, travel, and pharmaceuticals. It operates across nine Latin American countries, plus Spain, signifying its extensive footprint in the Spanish-speaking commercial app space. Despite its diverse offerings and significant user base, the RappiCuenta service’s discontinuation in Mexico stands as a significant pivot, with no current plans to end the service in other regions. As of now, Rappi has not provided further details on the decision.