Business

E-commerce platform OLX rolls out digital wallet in Brazil

OLX Pay allows users to buy on the marketplace specialized in second hand goods using their balance on the e-wallet

Photo: OLX / Courtesy
  • The new feature allows OLX to tackle competition with Mercado Libre, its main rival in Latin America
  • Adevinta, OLX’s parent company recently acquired the classified-ads unit of eBay.

OLX Brasil announced on Friday the rollout of its digital wallet solution called OLX Pay. The service, which has been in test since May, allows users to buy on its marketplace using their balance on the e-wallet.

OLX, whose parent company recently acquired eBay‘s classified-ads unit, is a leading e-commerce second-hand-goods platform in Brazil, but it also has divisions in South Asia, Africa, the Middle East and Eastern Europe. 

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With OLX Pay, it offers a new feature to compete with its main rival in Latin America, Argentina-based Mercado Libre, which has an established payments division in Mercado Pago.

According to the OLX Pay support page, the service is free and the seller can receive the amount in his account within 24 hours after the sale is completed. 
The e-wallet is initially only available to Android users – versions for web browsers and iOS are expected in the coming months.