Following this announcement, the banking licence will allow Mercado Pago to continue improving its solutions, as well as develop more investment tools and design new lines of credit within its digital model.
In addition, the decision is part of a regional strategy already underway in countries such as Mexico and Brazil. The institution will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, the institution aims to change the manner in which users interact with the financial system with the use of a digital bank that provides multiple benefits for both customers and merchants. At the same time, the process of applying for the new licence falls in line with Mercado Pago’s strategy of development, as well as allowing it to continue developing a simple, mutually beneficial financial ecosystem.
In addition, Mercado Pago will also continue to remain focused on allowing individuals in Argentina who were historically excluded to now save, receive payments, pay, invest, and obtain credit from its digital account. This process is set to have a direct impact on the economic development of individuals and SMEs in the country, as well as accelerate the development of the overall financial landscape and optimise the experience of both customers and businesses alike.
This news follows MercadoLibre’s strategy of providing transactions using its payment processor in Argentina through Pix, the Brazilian instant payment system. The initiative came during a period when Brazilian tourists traveled to Argentina for vacation, with the region becoming a top destination in recent years. This can mostly be attributed to Argentina’s favourable exchange rate between the real and the peso.
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