MercardoLibre and Western Union partner for digital remittances to Mexico

Tuesday 12 July 2022 11:36 CET | News

Global money transfer platform Western Union has announced a new agreement with South American ecommerce giant MercadoLibre to allow digital remittances to Mexico.

Given the current worldwide financial climate and the number of Mexicans living and working abroad, the partnership aims to allow families abroad to send money home faster, more affordable, and in a convenient matter. At the same time, people from Mexico can collect the payments through Mercado Pago, MercadoLibre’s digital financial extension.

Western Union’s integration with Mercado Pago means that customers from Mexico won’t have to physically go to a Western Union point and pick up the funds themselves but can cash in at any point that accepts Mercado Pago, including major chains like McDonald’s, Domino’s Pizza, and Starbucks.

According to official data, Mexico reached a record of USD 5.17 billion in remittances in May 2022, mainly due to the recovery of the United States after the COVID-19 pandemic. 

Moreover, 70% of fund remittances are still collected in cash in Mexico due to the country’s low bank penetration rate. This roughly translates into over 126 million inhabitants who still don’t have access to a bank account and solely rely on cash for every transaction.

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Keywords: partnership, ecommerce, ecommerce platform, remittance, money remittance, money transfer, e-money, bank account
Categories: Payments & Commerce
Companies: Mercado Pago, Western Union
Countries: Mexico
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Payments & Commerce

Mercado Pago


Western Union

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