PayPal Deepens LAC Reach With MercadoLibre Integration
Digital payments firm PayPal is turning to Latin America to strengthen its position in the eCommerce payments and remittance arenas. On 30 December, PayPal announced an expansion of its partnership with Argentinian eCommerce Company MercadoLibre (dubbed the “eBay of Latin America”), as it positions itself to capture more of Latin America’s market share.
In a statement published on LinkedIn by President and CEO Dan Schulman, PayPal revealed that Brazil- and Mexico-based users of MercadoLibre’s digital payment technology, Mercado Pago, will now be able to use PayPal for online checkout at merchants integrated with Mercado Pago. According to Schulman, this integration means that PayPal’s 300 million existing users will now have the opportunity to shop and make payments at “hundreds of thousands of new merchants.” PayPal will also be a payment option at checkout on the MercadoLibre platform.