Remittances arrive at Mercado Pago: users will be able to receive money from the United States to their accounts at no cost |  Marketing 4 Ecommerce

Remittances arrive at Mercado Pago: users will be able to receive money from the United States to their accounts at no cost | Marketing 4 Ecommerce

twitterlinkedinMercado Libre’s financial vertical is growing alongside the marketplace, serving more and more digital payment needs to its customers, for example with QR codes in stores and the wallet that has more and more possibilities to make transactions both to pay what that they acquire in physical / online stores up to services they use daily, but they don’t stop here; now they plan to conquer another line of business adding remittances to Mercado Pago.

This is how the same platform let it be known through its Official site notifying your customers that soon they will be able to receive money from the United States and Canada to your Mercado Pago accounts at no cost, nor for whoever receives or who makes the shipment.

What Mercado Pago offers with its new remittance service in Mexico

The new proposal that is integrated into the various financial services for the cancellation of receipts, payments in physical and virtual stores and cash withdrawals that Mercado Pago already offers to its current clients, It will allow equivalent transactions, in Mexican pesos, for up to $ 4,999, without implying an additional amount for the beneficiary.

3 out of 10 Mexican Internet users have contracted financial services through digital means (AMVO)

An attractive market segment for the platform, considering that people realize more and more financial operations via online at the same time they avoid leaving home and avoid crowds to send remittances in person.

At the moment Mercado Pago does not provide further details of when the new option will be activated or how it will work, only a link is available on the website to open a free account in Mercado Pago and wait for them to give the green light to send remittances.

Boosting the growth of Mercado Pago

Of course, the leader of electronic commerce in Latin America decided to take this leap to increase the advantages offered by its payment application and position your leadership more in your fintech, which grew remarkably last year.

The latter was exposed in the sales results of Free Market in Q4 2020, in which they shared the Mercado Pago figures that processed, within the marketplace, 659.3 million transactions in the period (+ 131.0% year-on-year); a value equivalent to USD 15.9 billion and a year-on-year growth of 83.9% in dollars.

In addition, outside the Mercado Libre platform, Mercado Pago processed 501.7 million quarterly payments (+ 139.6%) and total volume reached USD 9.2 billion (+ 93.3% year-on-year in dollars).

Although its growth is strong and constant, there are more opportunities to capitalize on another market segment in Mexico with remittances. These have become very attractive in terms of business as they are one of the most important assets in the country..

Interest in capitalizing remittances in Mexico

In accordance with data officers of the Bank of Mexico, In the first two months of 2021, remittances were the country’s main source of foreign exchange with an amount equivalent to 6,471 million dollars. A figure that exceeds 3,583 million dollars of oil exports and 1,733 million dollars spent by international tourists in different Mexican destinations.

Thus, the figures show the trend of the growth flow that remittances are seeing since last year, in fact only in the first two months of 2021 it had an increase of 20%, compared to 5.352 million dollars in the same period of 2020.

However, BBVA Mexico, estimated that remittances could grow 7.0% annually, reaching an amount close to 43.450 million dollars; A percentage lower than the 11.4% that grew in 2020, due to the unemployment situation of those who generate income on North American soil.

Although they indicated that they have observed a slow pace job recovery, and that the reduction in unemployment, the steely vaccination process and the economic stimulus packages proposed by President Joe Biden, could help in the recovery of the US economy, improving the possibilities for Mexicans who work in the country and therefore increasing the flow of remittances to Mexico.

Picture: jannoon028 on Freepik

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