Unlimint launches Banking as a Service API Solution
London-based global fintech, Unlimint, has announced it is further expanding its alternative payment methods portfolio with the addition of one of Brazil’s leading online payment solutions, Mercado Pago. This collaboration will allow Unlimint’s merchants from across the globe to expand to Brazil and offer local customers one of the country’s most popular payment options. Unlimint is an award-winning global all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe with 16 offices across five continents.
From its beginnings in 2004, Mercado Pago has grown to become the leading online payment solution in Latin America with operations in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela. It allows its customers to send and receive secure, easy, and prompt online payments. In 2021, 3.3 billion payment transactions were made through Mercado Pago, a 70 percent growth from the previous year.
By adding Mercado Pago to its payment portfolio, Unlimint is enabling clients to capture a larger market share and increase conversion rates when operating within the Brazilian e-commerce sector. The solution allows for secure online payments via the Mercado Pago e-wallet at the check-out point, while also offering pay-out capabilities to safely transfer funds between merchants and customers.
The expansion of Unlimint’s payment portfolio in Brazil with the addition of Mercado Pago comes at a perfect time to allow businesses from across the globe to operate seamlessly in the largest economy in Latin America. Previously, Unlimint added several significant regional payment methods such as Boleto, Loterica, PIX, and PicPay, and, in addition to this, also provides local acquiring solutions. By including Mercado Pago in their payment portfolio, Unlimint offers a full suite that enables companies worldwide to successfully expand and grow in Brazil.
According to research from Edgar, Dunn & Company, the majority of users in Brazil prefer paying by card (62 percent) while 38 percent use other alternative payment methods. Figures from Statista show that the total transaction value in the digital payments segment in Brazil is projected to reach $83.90 billion USD (£69.2 billion) in 2023.
Commenting on the portfolio expansion, Irene Skrynova, Chief Customer Officer at Unlimint, said:
“We are delighted with the addition of Mercado Pago to our payment portfolio. I believe it will be a massive benefit to our customers across the globe who wish to expand and operate in Brazil. LatAm is one of our strongest regions with a portfolio that offers a wide range of local payment methods and we pride ourselves in the fact that we can adapt quickly to respond to the evolution of the local payments landscape. We are able to react fast by adding new payment methods and options that become popular among shoppers in the region by leveraging our local expertise and technological capabilities. As consumers are becoming more aware of digital payments, it is critical for merchants to be able to offer as many payment options as possible to meet the growing demand.”