January 24, 2020 / 6:48 PM / a month ago

MercadoLibre's financial unit to launch full card acquiring business in 2020

SAO PAULO, Jan 24 (Reuters) - Argentinian fintech Mercado Pago, a unit of e-commerce company MercadoLibre, expects to launch its own credit and debit card acquiring business in 2020, its vice-president Tulio Oliveira said on Friday.

“We will gradually stop using services provided by other credit card acquiring firms as we fully operate our own,” he told journalists. Mercado Pago hit $7.6 billion in transactions in the third-quarter, out of which $4 billion outside MercadoLibre’s e-commerce platform, a record for the period. (Reporting by Gabriela Mello and Aluisio Alves)

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