After collecting, reviewing and complying with the requirements, Mercado Pago sent the documentation to regulators in mid-September, which marks the starting point to obtain the new license that transforms the fintech into a digital bank without branches or in-person procedures. , the institution reported in a statement.
In May of this year, Mercado Pago made public its intention to seek a banking license, joining institutions such as Finsus, Nu and Konfío.
“We officially begin the path of transforming Mercado Pago into the number 1 digital bank in Mexico, which will allow us to innovate and expand the financial services that millions of people in Mexico need,” said Pedro Rivas, general director of Mercado Pago, who reiterated the company’s commitment to democratizing banking services.
Mercado Pago, the statement reads, has become the second digital account with the most users in Mexico. The company, through its App, offers credit and debit cards, personal loans, business loans; in addition to the option of receiving money from foreigners, life insurance and accident coverage, paying for services, recharging the TAG and the CDMX integrated mobility card.
