Mercado Pago launches new ‘cash machine’ feature

LatamListMercado Pago, the financial arm of MercadoLibre, announced the launch of a new feature that allows customers to remove money from their accounts without a credit card.

In just three years, the fintech has revolutionized payment methods with its QR technology and digital finance solutions. The new feature is another step towards easing finance and cash management for people in Latin America.

“At Mercado Pago we are always seeking new solutions for our customers. More than 4.7 million people in Argentina use their Mercado Pago account to make daily purchases with the QR code. With this new feature, they can also now take money out of their accounts without the need to use a credit card,” said Alejandro Melhem, Director for Mercado Pago South America. 

Mercado Pago operates through a network of 1,300,000 connected retailers across the country where customers can use their QR codes to make purchases. The network includes major retailers, fast food outlets, and corner shops.

The new feature allows customers to request cash and collect it within minutes, free of charge. The maximum withdrawal amount is AR$8,000, which is around USD$90.

Read more on iProUp.

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