Cancellation of restriction integrates one of Brazil’s largest payment method systems into its portfolio, opening the door for companies looking to expand into the Latin America (LatAm) region.
London-based fintech Unlimited further expands its portfolio of alternative payment methods. Mercado Pago; a prominent online payment solution operating in Brazil.
Integrating Mercado Pago into their fintech portfolio will enable Unlimited’s clients to increase conversion rates when operating within the Brazilian e-commerce sector.
The Mercado Pago e-wallet facilitates an online payment solution for POS transactions while also providing payment functionality for transferring funds between merchants and customers.
Ultimately, this collaboration will allow Unlimited’s global merchant base to expand its operations into Brazil and offer local customers one of the country’s most popular payment options.
Mercado Pago: Payment Trends on the Rise
Since its inception in 2004, Mercado Pago has grown to become the leading online payment solution in Latin America. Allow your users to send and receive online payments in a trusted and secure environment.
The solution is currently operational in various regions across the continent, including Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.
Mercado Pago was first born on the initiative of the Agentine marketplace operator. Mercado Librehas developed its fintech into a serious competitor in the Latin American payments market for almost two decades.
maintain an average of 38 million active users Mercado Pago continues to see positive growth in the use and popularity of its service throughout the last year, supporting 3.3 billion payment transactions in 2021.
More recently, these services have included insurance and loan offerings, as well as cryptocurrency services that have amassed a million users in just two months of operation.
Mercado Pago and its integrated services have been recognized as rising stars in Latin America’s fragmented payments landscape, revealing why the addition of the service to Unlimited’s portfolio is so important.
Access to the global economy
The expansion of Unlimt’s payment portfolio in Brazil with the addition of Mercado Pago presents a unique opportunity for companies involved in Unlimt’s payment solutions.
Previously, Unlimited added several important local payment methods such as Boleto, Loterica, PIX and PicPay, in addition to offering local acquisition solutions.
By including Mercado Pago in its payments portfolio, Unlimited offers a complete suite to enable businesses around the world to successfully expand and grow in Brazil.
According to a survey from Edgar Dunn & Company62% of Brazilian consumers prefer to pay by card and 38% use other alternative payment methods.
Similarly, Statista indicates that the total transaction value of the digital payments segment in Brazil is projected to reach $83.9 billion in 2023.
Eileen ScrinovaUnlimint’s Chief Customer Officer said the addition of Mercado Pago to the company’s payments portfolio “will be of great benefit to our customers around the world who want to expand and operate in Brazil. I think.
“Latin America is one of our strongest regions with a portfolio that offers a wide range of local payment methods, and we are proud to be able to respond quickly to the evolving local payment landscape,” continued Skrynova.
“By leveraging our local expertise and technical capabilities, we are able to react quickly by adding new payment methods and options that will become popular among local shoppers.
“As consumers become more conscious of digital payments, it is important that merchants are able to offer as many payment options as possible to meet the increased demand,” she concludes.