Business

MercadoPago is given permit to issue credit cards in Brazil

MercadoPago is the digital wallet of MercadoLibre, a big ecommerce firm in Latin America

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Brazil‘s Central Bank authorized MercadoPago, MercadoLibre‘s digital wallet, to act as an accreditor, as G1 revealed. The company is now given permission to enter contracts with commercial establishments to accept payment cards.

MercadoPago will also be allowed to provide services and issue post-paid payment instruments, such as non-financial institutions that issue credit cards.

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The company says that the authorization gives it room to explore more opportunities in expanding its portfolio of financial products and services for buyers and sellers.