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MercadoLibre to offer investment platform for e-wallet users

Monday 22 July 2019 | 02:40 PM CET

MercadoLibre has announced it would start allowing Mexican users of its e-wallet to earn interest on money saved in its app by the end of 2019.

The move, which builds on an existing interest-bearing account available in MercadoLibre’s home market of Argentina, is the latest in a string of fintech efforts targeting people without bank accounts in Mexico and elsewhere.

MercadoLibre has been pushing into financial services in several markets, including Brazil, where the company has said it plans to offer loans, financial transfers, and other services starting with 2019.

Currently, users of the company’s e-wallet, called MercadoPago, can transfer money from traditional bank accounts or via cash deposits at convenience stores into the app, storing a balance that can be used for online shopping as well as in physical stores.

Under the new service, users will be able to put a portion of their e-wallet savings into an investment fund.

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