Mercado Pago, the financial division of Mercado Libre, is set to apply for a banking licence from the Central Bank of Argentina.

This initiative aims to broaden its digital service offerings within a fully digital framework.

The move aligns with a strategy that has already been implemented in Brazil and Mexico, where the company has been enhancing its financial services.

The acquisition of a banking licence is expected to enable Mercado Pago to refine its service capabilities, introduce additional investment options, and establish new credit lines within its digital-only model.

Mercado Libre Argentina president Juan Martín de la Serna said: “We are building the largest digital bank in Latin America. In a region that still faces challenges in accessing quality services, we want to change the way users interact with the financial system with a digital bank where everyone wins.”

The platform has reported a significant user base, with 64 million monthly active users across Latin America as of the first quarter of 2025, marking a 31% increase compared to the previous year.

In 2024, Mercado Pago processed 11.3 billion transactions, reflecting a 20% growth from the prior year, reported The Rio Times.

Additionally, its credit portfolio experienced a increase of 75%, reaching $7.8bn.

With 35 million digital accounts in Argentina and significant monthly transaction volumes, Mercado Pago's potential expansion is expected to further influence financial inclusion in a region where the adoption of mobile wallets is outpacing global trends.

Mercado Pago Hispanic Latin America senior vice president Alejandro Melhem said: “Applying for this new license is a natural step to offer more products and continue improving the user experience.

“This doesn't imply a change in our strategy, but rather allows us to continue developing a simple, mutually beneficial financial ecosystem. We will continue to grow to become the largest digital bank in the region.”

"Mercado Pago seeks banking licence in Argentina" was originally created and published by Retail Banker International, a GlobalData owned brand.

 

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