💪 Argentina🇦🇷: the mega fintech MercadoPago applies for a banking license

💪 Argentina🇦🇷: the mega fintech MercadoPago applies for a banking license

The platform announced its intention to “expand the range of services within its 100% digital model” and position itself as “the largest digital bank in the country.”
▶️ What’s driving this move❓ — MercadoPago aims to enter the microcredit market, a sector particularly relevant in emerging economies. By obtaining a banking license, the company would also be able to accept deposits from individuals, something it is currently not authorized to do.

▶️ Background: The company boasts 61 million users across Latin America. In Brazil🇧🇷, it has operated as a bank for three years, and in Mexico🇲🇽, it submitted its banking license application in October 2024.

▶️ A challenge at home: Securing approval from the Central Bank of Argentina (BCRA) is not a swift process and could take several months.

▶️ Outlook: Analysts remain optimistic. MercadoPago has a robust tech infrastructure, available capital, and the largest customer base in the country. Its strategy focuses on building a comprehensive financial ecosystem, which could eventually include launching its own digital currency.

#news #Argentina #Brazil #Mexico

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you