The move, which builds on an existing interest-bearing account available in MercadoLibre’s home market of Argentina, is the latest in a string of fintech efforts targeting people without bank accounts in Mexico and elsewhere.
MercadoLibre has been pushing into financial services in several markets, including Brazil, where the company has said it plans to offer loans, financial transfers, and other services starting with 2019.
Currently, users of the company’s e-wallet, called MercadoPago, can transfer money from traditional bank accounts or via cash deposits at convenience stores into the app, storing a balance that can be used for online shopping as well as in physical stores.
Under the new service, users will be able to put a portion of their e-wallet savings into an investment fund.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now