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Burger King and fashion retailer C&A to accept instant payments through Mercado Libre's financial arm

Brazilian instant payment system that debuted in November is already used by 7 of the 20 million active users of Mercado Pago

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  • According to the Mercado Pago’s VP, Tulio Oliveira, the agreement reflects the perception that the competitive environment in Brazil’s financial services tends to grow this year;
  • Specially considering of regulatory novelties implemented by the Central Bank, which also includes open banking.

Mercado Pago, the financial services arm of Mercado Libre, announced on Thursday it will process PIX (Brazil’s new instant payments system) operations for the fast-food chain Burger King and the fashion retailer C&A.

According to the Mercado Pago’s VP, Tulio Oliveira, the agreement reflects the perception that the competitive environment in Brazil‘s financial services tends to grow this year, in the wake of regulatory news implemented by the Central Bank, which also includes open banking.

READ ALSO: Brazilian ride-hailing app 99, Didi’s subsidiary, expects to place 99Pay among the top 3 digital wallets in 2021

Launched in November, PIX allows instant payment 24 hours a day, 365 days a year. According to Oliveira, 7 of the 20 million active users of Mercado Pago in Brazil already use PIX daily.

READ ALSO: Handling of salary accounts via PIX is the Central Bank’s bet for 2021

The executive also said that the fintech evaluates partnerships with other payment partners, including messaging services such as WhatsApp. On Wednesday, executives from Cielo, Brazil’s largest acquiring company, predicted that the Central Bank is likely to authorize WhatsApp Pay operations until June.

Translated by LABS

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