The initiative comes during a period when Brazilian tourists travel 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. However, Argentines, sustained by a stronger peso, have also started travelling to Brazil, where the real dropped in December 2024.
The agreement between MercadoLibre’s fintech branch, Mercado Pago, and Pix intends to scale consumption in the country and prevent Brazilians from having to exchange their currency. Additionally, Argentinians who are travelling have increased their use of MercadoLibre’s payment processors, run by Mercado Pago, with them being highlight utilised by merchants looking for instant payments instead of waiting on credit cards to clear while their money depreciates.
Furthermore, Pix, which was developed by the central bank of Brazil, has scaled its position and became one of Brazilians favourite options for payments, overtaking cash and cards. Commenting on the announcement, representatives from Mercado Pago underlined that Brazilians adopted Pix as their preferred payment method mostly due to its practicality, costs, and speed. Now, MercadoLibre intends to deliver this convenience to tourists visiting Argentina.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now