Mercado Pago is a digital payment platform used for daily payment of bills, expenses and for business transactions. Initially, the Brazilians, Chileans, Mexicans and Argentinians were used to relying of cash transactions just like many other countries in their early days. They use cash for their daily expenses.
Cash was used for buying assets (land, houses, etc). Workers received their salaries in cash. All business transactions was made through cash and the list goes on. That’s because banks and digital payment services didn’t exist then.
Currently, the constant use of cash for transactions has reduced drastically. People now have the choice to make a decision between using the regular banks or online payment services for transactions.
However, using digital payment services often exceeds regular banks in many ways. This article isn’t about banks; but about Mercado Pago, a digital payment platform.
The Latin Americans are the major users of Mercado Pago.
With this, let’s look at what Mercado Pago can do. This also includes knowing all the Mercado Pago Supported Countries.
Mercado Pago Services are:
For Everyday Use
- Online Shopping: Mercado Pago can be used for secure everyday online shopping on various websites.
- Physical Store Payments: Make payments using the Mercado Pago app to scan and pay for items in-store.
- Pay Bills: Individuals can use their phone to pay for electricity, water and other bills from the app.
- Send Money: Mercado Pago users can send money to people using their email or phone number.
- Get a Card: Get a Mercado Pago prepaid card for payments anywhere card payments are accepted.
- Access Credit and Loans: Mercado Pago offers loans to users to pay back in installments.
- Save and Invest: Save money in your account and earn daily interest. It also offers high savings plans at a higher interest rate.
For Merchants and Entrepreneurs
- Accept Payments: Merchants can receive customers’ payments through Mercado Pago.
Payment Links: Entrepreneurs can create and send their payment link across all social media platforms for easy payments from customers.
- Online Checkout: Use Mercado Pago as a payment button on your website. Customers can pay through bank transfer, cards or digital wallet.
Why Do The Latin Americans Use Mercado Pago
- It’s simple: All you need is a smartphone and the app to start.
- It’s for everyone: Mercado Pago can do what regular banks do. Once you have it, owning a bank account isn’t a necessity.
- It’s safe: Mercado Pago is safe for secure payments. It also has an advanced security for protecting customers’ money.
How Mercado Pago Works
Only those in Mercado Pago available countries can use this platform. Below is a simple guide on how to sign up and register.
- Download the Mercado Pago app on the Google Play Store or Apple App Store.
- Sign up with your email and phone number. Identity and ID verification is required to complete registration and activation.
- After activation, you can fund your account in three major ways. With cash deposit, you can generate a payment code in the app. Then take it to a registered local payment store and pay with cash. Another way is through a linked debit or credit card. Finally, through bank transfer from your bank to the app.
How to Make Payments
In Physical Shops through QR Codes
- Open the app for scan payment.
- Position your phone camera close to the merchant’s QR code.
- Verify the amount on your screen and click “Confirm” to complete transaction.
Online Shopping
- When making payments on websites that has Mercado Libre as a payment option, select Mercado Pago as your payment method. It usually appears as a payment option like that, so you don’t get confused when you see Meracdo Libre instead of Mercado Pago.
- Then log in to complete the transaction.
Paying Bills
- Choose the “Pay Services” option, for payment of any bills. Scan the barcode on any of the bill you want to pay. Then confirm the payment.
For Businesses (Receiving Money)
- Payment Links: Create and share your payment link on all social platforms so customers can pay from wherever they are.
- QR Codes: Business owners can print and stick the payment QR code in a visible spot within the store for customers to scan and make payments.
List of Mercado Pago Supported Countries
Mercado Pago supported countries are:
- Argentina
- Brazil
- Chile
- Colombia
- Mexico
- Peru
- Uruguay
- Ecuador
List of States Where Mercado Pago is Supported in the USA
The United States is not among the Mercado Pago supported countries. Individuals can’t open a Mercado Pago account within any U.S state.
Also, the Mercado app can’t be used for online shopping. Residents can’t use it to pay bills anywhere in the United States either.
However, U. S. residents can use the Western Union to send money to people in Mercado Pago supported countries.
Furthermore, merchants in the U.S can use Mercado Pago as a payment point for accepting payments from Latin American customers. This will help grow the seller’s business. Most Latin Americans use Mercado Pago for basically all their transactions.
Therefore, there won’t be any barrier to selling products to them.
Mercado Pago Alternatives:
- Nubank
- PicPay
- Uala
- Rappi
- PayPal
- Stripe
Conclusion
Mercado Pago is a popular payment platform in Latin America. This payment platform is not everywhere. It can only be used by people living in Mercado Pago supported countries.
Mercado Pago can be used for daily transaction needs. Mercado Pago users can use the app or card to pay bills and other daily transactions. You can also use it to send money to other Mercado users.
However, sending money to other payment platforms depends on features Mercado Pago has. It also depends on partnerships with those platforms.
Moreover, Mercado Pago users can receive money from other Mercado Pago users. However, receiving from people globally might depend on the sender’s location and payment methods.
Mercado users can make payments through credit cards, mobile wallet and cash. The card can be used anywhere card payment is accepted.
This platform can be used by merchants for online sales and services within supported regions.
Mercado Pago is easy to use for people buying or selling items online or in-store. Online shops can connect Mercado Libre to their website to get paid.
Mercado Pago is a safe and a reliable payment option in Latin America.