Based on the press release information, the collaboration is set to enable Unlimint’s merchants throughout the globe to expand to Brazil and provide local customers with one of the region’s most predominantly used payment options.
A global, all-in-one fintech, Unlimint offers advanced payment capabilities via an evolving financial interface to startups and businesses across the world, having 16 offices across five continents.
Since its 2004 inception, Mercado Pago has been activating as an online payment solution in Latin America, having operations in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela, enabling customers to send and receive online payments in a secure, easy, and prompt manner. As detailed in the announcement, in 2021 alone, 3.3 billion payment transactions were carried out via Mercado Pago, a 70% increase from 2020.
With the addition of Mercado Pago to its payment portfolio, Unlimint is looking to help clients gain a larger market share and increase conversion rates whenever operating within the Brazilian ecommerce sector. The solution enables secure online payments by leveraging the Mercado Pago e-wallet at the checkout point, while also providing payout capabilities for safe funds transfer between merchants and customers.
As per the information detailed in the press release, Unlimint’s payment portfolio expansion in Brazil following the addition of Mercado Pago comes at a ‘perfect time’ to assist businesses throughout the globe with operating ‘seamlessly’ in what is known to be the largest economy in Latin America.
In the past, the company announced the addition of several other significant regional payment methods of the likes of Boleto, Loterica, PIX, and PicPay, and apart from this, it provides local acquiring solutions. With the inclusion of Mercado Pago within its payment portfolio, Unlimint provides a full suite that aims to help worldwide companies to expand and grow in the region.
Furthermore, research from Edgar, Dunn & Company highlights that a majority of Brazil-based users (62%) have a preference for paying by card, whereas 38% leverage separate alternative payment methods. Additionally, Statista figures showcase that the total transaction value within the Brazil digital payments segment is projected to reach USD 83.90 billion (GBP 69.2 billion) in 2023.
When commenting on the portfolio expansion, Irene Skrynova, Chief Customer Officer at Unlimint stated that the company believes the addition of Mercado Pago to their payment portfolio to be a ‘massive benefit’ for their global customers wishing to expand and operate in Brazil. As per their statement, leveraging its local expertise and technological capabilities helps the company add new payment methods and options that are popular amongst shoppers in the region. The fintech believes that following consumers’ increasing awareness of digital payments, it is critical for merchants to be enabled to provide a multitude of payment options and meet the growing demand.
Unlimint’s offering includes a portfolio of financial services ranging from payment processing, Banking-as-a-Service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi. Having the mission of delivering financial solutions that help eliminate financial borders, the company looks to enable businesses to operate locally and internationally in a simple manner throughout Europe, the UK, Latin America, APAC, and Africa.
The company contributed to The Paypers Cross-Border Payments and Ecommerce Report 2022–2023, providing insights into cross-border payments.
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