About Mercado Pago
Mercado Pago is a payment service and digital wallet of the Mercado Libre ecosystem. It allows you to store funds in an account, transfer money, pay for purchases and services, and accept business payments (online and offline), including via QR.
Advantages
Instant payments and transfers 24/7
Payments via QR and online without entering details
Support for local payment methods depending on the country
Suitable for both users and businesses (payment acceptance)
Disadvantages
Works not in all countries (mainly Latin America)
For businesses and some operations there may be fees (payment acceptance/withdrawal)
Limits and available features depend on the country and verification level
How does the Mercado Pago system work?
Mercado Pago is a digital wallet and payment service of the Mercado Libre ecosystem. The user creates an account, tops up the balance or links a payment method and can pay, transfer money, and receive payments (for businesses).
Among the service features:
- QR payments at points of sale (where supported);
- online payments in stores/services;
- transfers between users;
- payment acceptance for businesses (online/offline, depending on the country);
- withdrawals to a bank (under the country’s terms).