Mercado pago launches credit card

Technological companies that offer credit cards in Mexico continue to increase, according to the latest national Finnovista radar, loan fintechs are the largest segment of these firms, 145 of the 650 detected in the country are identified in it.

In the competition of credit fintechs, the Electronic Payment Fund Institution (IFPE) Mercado Pago, a subsidiary of the electronic commerce platform Mercado Libre, announced the launch of its credit card, which will be added to the services it already offers within its platform.

“Just as we have financed and given personal loans to so many Mexicans without access to the traditional banking system, now we want to give a credit card to those who are looking for another financial solution for their day-to-day lives,” said Pedro Rivas, general director of Payment Market Mexico.

In addition to competing with regulated fintechs in the IFPE segment, the new addition of the technology company will place it in competition with other firms such as Nu, Stori or Rappi, which offer credit cards through platforms.

The launch in Mexico occurred through an alliance between the payment processor Visa and Mercado Pago. This is the second country in which it operates and advertises a credit card; The first place where it launched this product was in Brazil, in 2021.

“For Visa, a company that enables digital payments, continuing to promote cutting-edge solutions and technologies hand in hand with players like Mercado Pago allows us to contribute to an inclusive digital economy that helps people prosper,” said Luz Adriana Ramírez, CEO for Visa Mexico.

Mexico generated 394 million dollars

According to the latest quarterly report from Mercado Libre, its fintech subsidiary in Mexico generated revenue of $394 million for the global firm during the first nine months of 2022.

Globally, the firm reported that its fintech arm exceeds 40 million unique active users, a figure that represented the highest number of quarterly users in the last two years in the region.

While net income amounted to 1,225 million dollars in the third quarter.

valores@eleconomista.com.mx