meet the fintech

MercadoPago: the largest online payment network in Latin America

mercado pago

Due to digital technology evolution, lots of people are joining e-commerce through applications on their cell phones. It’s become essential to find a solution for online payments. 

MercadoPago is the largest online payment network in Latin America. It was launched by MercadoLibre – an e-commerce marketplace and online auctions - that allow users to safely, easily, and quickly send and receive payments online. 

The app allows companies to charge consumers through different options: email, social networks, website, a mobile application, or a device connected to any phone or tablet.

What is MercadoPago?

Looking to ease your online payment burdens? Here is one solution. Knowing what MercadoPago is and how it works is easier than you think. 

Imagine that you have a wallet with cash from which you can pay for goods and services, a virtual one — that’s Mercado Pago. It is a digital wallet, where you fund your electronic account by depositing or transferring money or by introducing a credit card that you can then use to buy products in authorized stores or even to pay for services.

Mercado Pago is a fintech service, from MercadoLibre Marketplace, with a broad offer of financial advantages, including payment processing, gateway services, mobile payments, credits, and debit cards. 

The MercadoPago account works as a virtual wallet tool that allows you to pay your bills and services, make transfers, and receive payments online, avoiding troubleshooting procedures and saving you time.

MercadoPago works perfectly for buyers who need security and fast access to their funds in their transactions, as well as sellers who can offer and protect their way of collecting.

Through MercadoPago, your clients can pay with credit cards, bank transfers, and in cash

Additionally, customers can easily access promotions and financial services with no extra charges or commissions of any kind and without any risks. MercadoPago offers different products in the various countries in which it operates.

In that sense, Mercado Pago has been reinforcing the need to continue offering payment solutions for all. Today, it is one of the main payment solutions for companies, ventures, or individuals who want to sell on their websites, social networks, and even through emails.

History of Mercado Pago

Mercado Libre has been providing its services to millions of users since 1999 in Latin American countries such as Argentina, Brazil, Mexico, Colombia, Venezuela, Chile, Uruguay, and Peru, creating an e-commerce market for the payment of goods and services. 

As MercadoLibre transformed into the most visited online platform — a couple of years ago, the company decided to create its payment system. 

By this, the company could have a greater control of the monetary transactions passed through its platform, avoiding scams and securing user funds. 

As a result, in 2003, MercadoPago was launched as an add-on of MercadoLibre to provide customers with an online payment network. It was established by MercadoLibre Argentine founder, CEO, and President Marcos Eduardo Galperin. 

Since MercadoPago was born, it has been growing as an independent commercial unit, determined by the need of SMEs in Latin America to have access to better payment options for users while shopping online. 

In 2010, with the growth of websites and social networks, MercadoPago unveiled links and payment buttons allowing customers to receive payments through text messages via cell phones or social networks such as Facebook or Twitter.

In 2015, responding to the smartphone trends, it launched a mobile application available on iOS and Android and introduced a digital wallet – Allowing users to transfer money from person to person, pay by scanning QR codes, and pay for services and utilities such as water, electricity, phone or cell phone recharges. 

It also launched a point of sale reader (MPos) that connects to the cell phone or tablet, and allows businesses to accept credit cards, debit cards, or vouchers without the need of bank interference.

Mercado Pago's growth has been so impressive that in 2016 it processed 138.7 million transactions; a 73% step-up from 2015. 

Features of Mercado Pago

MercadoPago allows you to receive payments according to your needs – through QR codes, social networks or websites links, transfers, or credit cards - and start selling online and in person. Get ready and learn about the features of Mercado Pago:

Daily Returns

- Money profits are an estimated 3.4% per year.

- You can use the money invested whenever you need.

Digital Account

Opening the MercadoPago digital account makes it easier to pay bills, recharge your cell phone, make transfers to any bank or whoever you want, receive payments, and send money online. In a few words, you can take care of your finances in the simplest way.

Take care of your finances

The digital account works as a virtual wallet that lets you solve any payments issues without the hassle of paperwork while saving time.

- Pay bills and services from the app.

- Pay for services with a QR code or payment link and transfer money between accounts.

- Pay for purchases with a recharged balance in your Mercado Pago account, credit, debit, in cash with a transfer, bank deposit, or request a line of credit.

- Make purchases online and pay in up to 12 fixed monthly payments without using a credit card.

- Recharge your cell phone. 

See your business growth

- Purchase the Point card reader to sell, collect and receive payments.

- Charge with QR code or payment link by WhatsApp or social networks.

- Charge by credit card without having to pay fixed costs.

- Offer the user the option to pay through the app to your digital account by transferring money.

- Use your Point card reader to receive secure payments online and collect and improve your business finances.