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Mercado Pago

Mercado Pago becomes the initiator of payment

Last Wednesday (16), Mercado Pajo, financial technology From Mercado Livre, it was announced that from now on it will allow transactions by initiating a payment, based on the ITP number, created in the third stage of Open Banking. Therefore, Mercado Pago became the first platform authorized by the Central Bank (BC) to operate with this regulatory license.

The Brazilian system expects this method to be one of the great motivations for spreading open finance, an evolution of open banking, among Brazilians. Read and understand better what they mean!

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What changes to Mercado Pago

The Payment Initiation License was established by the Central Bank as part of the Open Banking Implementation Agenda and authorizes companies to initiate payments and transfers to customers.

To be clear in a more practical way, the payment initiator allows the user to make a payment or transfer via Pix within the platform, without having to go into the bank app to carry out the operation.

This way, from now on, Mercado Pago customers will be able to transfer funds via Pix from other accounts to their Mercado Pago account directly through the Mercado Pago app. Before fintech became the initiator of the payment, the customer had to go into the bank’s application to make this process.

After that, the initiator Payments It will allow the user to perform other operations in addition to Pix and be able to make purchases in e-commerce from the Mercado Pago account.

The Vice President of FinTech, Tulio Oliveira, explained that whoever makes the payment opens doors to many other possibilities for use and transforms the buying and selling experience.

“When paying, the user will no longer need to copy and paste the PIX code into another application. Each payment is resolved through a redirect that skips a few steps, making the purchase process faster. We also see benefits for sellers such as increased sales conversion and increased business.”

Tulio Oliveira, Vice President of Mercado Bajo

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Photo: Diego Tomazini / Shutterstock.com