Mercado Libre Enables Cryptocurrency Transactions in Chile

According to reports, Mercado Libre, the largest e-commerce company in Latin America, has enabled cryptocurrency transactions in Chile through its digital wallet, Mercado Pago. Users of Mercado Pago in Chile can now trade Bitcoin and Ethereum for as little as 50 Chilean pesos (equivalent to $0.063). Mercado Pago partnered with Latin American cryptocurrency company Ripio to provide transaction functionality. The company previously launched cryptocurrency transactions in Brazil in December 2021 and launched the same service in Mexico the following year. Osvaldo Gimenez, head of financial technology at Mercado Libre, said that since December 2021, more than 2 million users have conducted cryptocurrency transactions on Mercado Pago in Brazil, while in the first month after the launch of the feature in Mexico, more than 150000 users have conducted transactions.

Mercado Libre enables cryptocurrency transactions in Chile through a digital wallet, Mercado Pago

As a leading e-commerce company in Latin America, Mercado Libre has continued to take significant steps towards enhancing its payment options for its users. In its most recent move, the company has enabled cryptocurrency transactions through its digital wallet, Mercado Pago, in Chile. This means that Mercado Pago users in Chile can now easily trade Bitcoin and Ethereum for as low as 50 Chilean pesos ($0.063).

Cryptocurrency Trading in Chile Through Mercado Libre

Mercado Libre partnered with Ripio, a Latin American cryptocurrency company, to provide transaction functionality for cryptocurrency traders in Chile. This move follows the successful launch of cryptocurrency transactions in Brazil in 2021 and Mexico in the following year. Osvaldo Gimenez, who heads the financial technology department at Mercado Libre, revealed that since the launch in Brazil in December 2021, more than two million users have conducted cryptocurrency transactions on Mercado Pago. Furthermore, after the first month following the launch of the feature in Mexico, more than 150,000 transactions were conducted.

Mercado Pago: The Latin American Solution

Mercado Pago is an online payment service that is available to users across Latin America. The payment platform, launched in 2004, is owned by Mercado Libre, which is among the top ten e-commerce companies in the world. The platform enables users to send and receive payments online, as well as pay for goods and services on various e-commerce platforms.
Other than cryptocurrency transactions, Mercado Pago also supports a wide range of payment methods, including cash-in and cash-out options, credit and debit cards, and bank transfers. The platform aims to provide secure and convenient payment solutions to its users, regardless of their location.

The Benefits of Cryptocurrency in E-commerce

Many e-commerce companies, including Mercado Libre, have embraced cryptocurrency as an alternative payment option for customers. Some of the benefits that cryptocurrency offers include:

Security:

Cryptocurrency transactions are more secure compared to traditional payment methods. The use of blockchain technology ensures that transactions are tamper-proof, eliminating the risks of fraud and chargebacks.

Lower Transaction Fees:

Cryptocurrency transactions have lower transaction fees compared to traditional payment methods, making it a more cost-effective payment option for both merchants and customers.

Speed:

Cryptocurrency transactions are faster and more efficient than traditional payment methods. Transactions are processed almost instantly, reducing the settlement time for merchants.

The Future of Cryptocurrency in E-commerce

Cryptocurrency is becoming a mainstream payment option in the e-commerce industry, and many people believe that this trend will continue in the future. As more people embrace cryptocurrency, we can expect to see more e-commerce platforms integrating it as a payment option. Furthermore, due to the benefits that cryptocurrency offers, more merchants are likely to adopt it as a payment option.

Conclusion

Mercado Libre’s integration of cryptocurrency transactions in Chile is a move that is set to revolutionize the e-commerce industry in the region. With the availability of cryptocurrency payment options, users can now enjoy a more secure, cost-effective, and efficient payment solution. As the adoption of cryptocurrency grows, we can expect to see more e-commerce companies following in Mercado Libre’s footsteps.

FAQs

Q1. What payment methods are supported by Mercado Pago?
A1. Mercado Pago supports multiple payment methods, including credit and debit cards, bank transfers, and cash-in and cash-out options.
Q2. What are the benefits of using cryptocurrency in e-commerce?
A2. Cryptocurrency offers benefits such as increased security, lower transaction fees, and faster transactions.
Q3. What is Mercado Libre?
A3. Mercado Libre is a leading e-commerce company in Latin America, and Mercado Pago is its digital wallet and online payment service.