For the past two months, MercadoLibre has tested QR code payments in physical stores in Argentina. Over 160,000 stores and restaurants already accept the payment system, including Burger King, Freddo, and even certain gas stations. Now, MercadoLibre and its payments system, MercadoPago, are testing QR code payments in Brazil, where they are currently accepted at over 12,000 establishments.
Brazil is a massive market for MercadoLibre; the e-commerce giant already has over 12 million app users who could use the QR code system for free.
“Our goal with the QR Code is to offer a new way to make payments in Brazil, much easier and faster, for both sellers and buyers. This technology is already widely used in other countries and can bring many advantages to the Brazilian market, “says Tulio Oliveira, director of Mercado Pago in Brazil.
The QR code is simple to set up; stores can create a code quickly and at no cost, allowing customers to scan and pay seamlessly through the MercadoPago app. Users can pay with available balance within the app, or they can use a credit card registered in the app.
Until March 2019, MercadoLibre is offering zero transaction costs for any payments through the QR code in Argentina and Brazil in an attempt to reach 500K users by the end of 2018.
Read more in Startupi (Portuguese).