MercadoPago is the most used digital wallet in the country, although the QR is its “star product”, the financial app of the company with the highest stock market value of Argentine origin is also a store of services to manage money, payments, loans and investments.
How to request a loan in MercadoPago?
On the main screen of the application there is a button Credit Marketwhich allows users to quickly get a line in two ways:
Automatically, the app will display a immediate access amount to spend in the ecosystem (payments with QR or payment link, purchases in Mercado Libre)
By pressing Take out a personal loan, you can get a loan from free availability.
The company makes a segmentation both by risk profile and by the probability of adopting the line. The rate goes up as the client is riskier.
Mercadopago: how do I request a personal loan
If the user uses the ecosystem of Free marketyour purchases, the way you browse the site, how you interacted and paid, among other points, are studied.
Machine learning models offer the possibility of analyzing multiple variables. Artificial intelligence allows processing large amounts of data and making better segmentations. Even much of what it analyzes is combinatorics of variables. For example, what did he buy and how did he finance it.
Loans in MercadoPago: what variables are analyzed to grant it?
The variables analyzed by Mercado Crédito are divided into six groups:
Navigation: There are about 250 internal variables analyzed. Among them, what products do you buy, at what time, from what categories, with what computer, what is the connection speed
transactional: average ticket, purchase volume, form of payment and financing. In this group there are 900 indicators, which have a weight of 24%.
previous loans: is what has the greatest influence, 34%. Builds on behavior in previous credits
collections: There are about 150 variables that have to do with the collection management of previous loans. His weight is 18%
sales history: if you sold in Mercado Libre, the products and the feedback you had from customers, among other points, are analyzed. There are 250 variables with a weight of 6%
credit bureau: the most traditional font, used by banks. Provides 280 variables and 6% to the decision
By being able to see each person from a different angle, via technology and data, MercadoPago can make credit decisions and give them a first financing offer.
MercadoPago analyzes various variables to evaluate the loan.
What is MercadoPago?
MercadoPago is the largest online payment platform in the Argentina. The tool allows you to charge for different channels with these options:
Payment link to charge for social networks and WhatsApp.
QR and Point to collect in person at your business.
check out of MercadoPago to charge in your online store.
Through MercadoPago, your customers can pay with Credit cards, with bank transfer and even in cash. In turn, in addition to simplifying your collections, it provides your customers with access to promotions and financial services without commissions or extra expenses and without risks.
The MercadoPago account works as a virtual wallet that also allows you to resolve payments, avoiding paperwork and saving time.
How to have an account in MercadoPago
Having your MercadoPago account is very easy and for that the first thing you have to do is register.
To register from your computer, go to www.mercadopago.com.ar and click on Create an account. You fill in the data. And ready!
To register from your mobile, you have to download the app from the Apple Play Store or App Store, search for MercadoPago and download it. Once you enter, fill in the required data and voila!
How to pay with MercadoPago?
To pay with QR, the user must follow the following steps:
In the MercadoPago app, press the button QR code
Scan the code located on the trade box
Enter the amount in case it does not appear automatically
Choose the payment method: account balance or credit or debit cards
When the transaction is completed, you will receive a notification to the local
With the arrival of Transfers 3.0, it is mandatory that all QRs receive payments from all digital wallets. For example, Modo and MercadoPago codes are supported.
Merchants that accept MercadoPago can offer different alternatives for payment.
How to pay bills with MercadoPago?
MercadoPago has an agreement with Easy Pay to process invoices easily from the app. Only the following steps need to be completed:
In the MercadoPago app, select Pay Services
Push the button Scan and focus the camera on the barcode of the invoice
The system will detect the service and amount to pay
Choose the payment method: account balance or cards (some bills can be pay with credit in installments)
Once it has been paid, you will see the ticket that confirms the operation
In addition, the app has direct access to quickly pay for the most popular services that require immediate use, such as the SUBE card, cell phone recharge and more.
With MercadoPago you can pay utility bills.
How to invest with MercadoPago?
MercadoPago offers the possibility of invest account balance in a mutual fund managed by Bind. It has already exceeded 2.1 million users who monetize the money they have in the app and who can withdraw it at any time.
Generally speaking, investment funds they propose a very friendly solution for those who do not have the knowledge to design a portfolio.
In Mercado Fondo this concept is enhanced, since within the people who use it we find profiles of all kinds: a neighborhood supermarket, a veterinarian or even a first-line company.
This FCI achieves low risk returns and quick “cash out” by investing in interest-bearing checking accounts, same-day redemption money market investment funds, and surety insurance.
As they receive income from their sales, those who choose this option earn profits without the need for complex operations. It is important as a short-term savings method in an inflationary context and to avoid leaving money in accounts that do not generate returns.
Its current profitability is 30%, in line with interest-bearing bank accounts. The only requirement is to fund the wallet using the Enter money button and choose one of the payment methods: bank transfer or fintech, debit card and extra-bank collection networks.
MercadoPago offers alternatives combined with credit and debit cards.
What can I do with MercadoPago?
In addition to all the known functions of the app, there are also other “tricks” to get the most out of the digital wallet.
Buy food in installments without interest
MercadoPago has agreements with several banks (HSBC, Patagonia) to offer interest-free installments within its platform. This not only applies to purchases in the marketplace, but in any store that offers QR or Point.
It is an interesting option for those who wish to make a large purchase in a supermarket and wholesalers (they do not offer installments without interest for food), clothing stores and other high-ticket stores.
In this case, you will have to pay with QR, select a credit card, and choose the amount of installments from the drop-down menu. If it belongs to a bank with a promotion in Mercado Libre, it will show the legend “without interest” in green.
MercadoPago offers agility in your transactions.
Withdraw cash at stores
MercadoPago launched the option to withdraw cash without a card in stores that accept your QR code. For example, the attached premises of the stations axionthe Mostaza stores and the wholesaler Maxiconsumo.
In these cases, you will only have to make a minimum purchase to withdraw cash. It is also possible to do it in an agency Easy Payalthough at an extra cost.
Use money if home banking is not working
With the arrival of the quarantine, many Argentines were unable to update their home banking password or the token to make transfersleaving their salaries “trapped” until they can take turns in the entity and launder the keys.
In these cases, MercadoPago can be used to obtain the bank funds and make transferspay for services or buy on the platform or outside of it through QR, following the steps below:
Enter from the cell phone or the computer to MercadoPago
Press the Deposit button and choose Debit
Set an amount from the PC or from the app. In both cases, it must coincide with the bank’s daily purchase (not withdrawal) limit.
Next, you will have to fill in all the debit card details
Once finished, MercadoPago you will instantly receive the funds and the user will receive a notification
MercadoPago works side by side with Mercado Libre to promote digital commerce.
Cash instantly, with card and in installments
In the home economy, there is often an unforeseen event that requires cash at the least opportune time of the month. For these cases, any couple has a solution at hand in MercadoPago, provided that both have the app and a credit card with available balance.
Thus, you must follow the following steps:
One of the members of the couple must open the Mercado Libre app and select Send money
A search engine will appear in which you must enter the username of your spouse or choose it from the cell phone contacts
Fill in an amount and a reason for the transfer
Select a credit card. If you have a promo in MercadoPago, you can choose from the dropdown three or six installments without interest
This transaction has a charge but when used in several payments without interest it will be earned at inflation and market rates