Unlimint integrates one of the largest payment method systems in Brazil to its portfolio, opening the door to businesses looking to expand to the Latin America (LatAm) region.
London-based fintech Unlimint further expands its alternative payment methods portfolio with Mercado Pago; a prominent online payment solution operating in Brazil.
The integration of Mercado Pago into the fintech’s portfolio is enabling clients of Unlimint to increase conversion rates when operating within the Brazilian e-commerce sector.
The Mercado Pago e-wallet facilitates an online payment solution for point-of-sale transactions, while also offering pay-out capabilities to transfer funds between merchants and customers.
Ultimately, the collaboration will allow Unlimint’s global merchant base to expand its operations into Brazil and offer local customers one of the country’s most popular payment options.
Mercado Pago: A growing payment trend
From its beginnings in 2004, Mercado Pago has grown to become the leading online payment solution in LatAm; allowing users to send and receive online payments in a reliable and secure environment.
The solution is currently operable in various regions across the continent, including in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.
Mercado Pago first came into being on the initiative of the Agentine marketplace operator Mercado Libre, which, over the course of almost two decades, has developed its fintech into a serious contender within the LatAm payment market.
Maintaing an average of 38 million active users throughout last year while supporting 3.3 billion payment transactions (2021), Mercado Pago is experiencing continued positive growth in the use and popularity of its services.
More recently, these services include insurance and lending offerings, and a cryptocurrency service that drew in one million users within two short months of operation.
With Mercado Pago and its unified services recognised as a rising star among the otherwise fragmented payment landscape of LatAm, it’s become clear as to why Unlimint’s addition of the service within its portfolio is so significant.
Access to the global economy
The expansion of Unlimint’s payment portfolio in Brazil with the addition of Mercado Pago has presented a valuable opportunity for businesses engaging with Unlimint’s payment solution.
Previously, Unlimint added several significant regional payment methods such as Boleto, Loterica, PIX, and PicPay, and, in addition to this, also provides local acquiring solutions.
By including Mercado Pago in its payment portfolio, Unlimint offers a full suite that enables companies worldwide to successfully expand and grow in Brazil.
According to research from Edgar, Dunn and Company, 62 per cent of consumers in Brazil prefer paying by card while 38 per cent use other alternative payment methods.
Likewise, figures from Statista show that the total transaction value in the digital payments segment in Brazil is projected to reach $83.90billion in 2023.
Irene Skrynova, chief customer officer at Unlimint, views the addition of Mercado Pago to the company’s payment portfolio as “a massive benefit to our customers across the globe who wish to expand and operate in Brazil.”
“LatAm is one of our strongest regions with a portfolio that offers a wide range of local payment methods and we pride ourselves in the fact that we can adapt quickly to respond to the evolution of the local payments landscape,” continues Skrynova.
“We are able to react fast by adding new payment methods and options that become popular among shoppers in the region by leveraging our local expertise and technological capabilities.
“As consumers are becoming more aware of digital payments, it is critical for merchants to be able to offer as many payment options as possible to meet the growing demand,” she concludes.