Pedro Rivas, general director of Mercado Pago Mexico, assured that despite the arrival of competitors in the financial digital market, the value proposition for users will remain consistent. He highlighted that in Mexico, despite the competition, the dominant participant is the underbanked or unbanked population, which primarily uses cash as their main method of savings or informal financing.
Rivas acknowledged that the banking business in Mexico is highly profitable, but emphasized the need to offer financial services more efficiently, especially through digital platforms. He believes that the size of the banking business will continue to grow, especially in the area of financial inclusion. Mercado Pago aims to deepen its impact in sectors where it currently operates and establish itself as a relevant provider of financial services in Mexico.
In this regard, Mercado Pago aims to strengthen its presence in the Mexican financial market by not only expanding its current services but also offering efficient financial solutions tailored to the needs of the country. The company submitted an application for a banking license in September of last year with the goal of transforming into a multiple banking institution.
Rivas highlighted that despite the progress in financial inclusion in Mexico, there is still a gap to close, where technology and efficiency in financial services play a fundamental role. The company seeks to focus on providing scalable digital financial products and services that allow users to access more convenient solutions than those offered by traditional banking.
Mercado Pago aims to continue growing in the Mexican market and promote the reduction of cash usage as the main payment method through innovative digital solutions. The company trusts in its technological capabilities and the backing of Mercado Libre to establish itself as a relevant provider of financial services in Mexico and continue penetrating the market in the coming years.
The general director of Mercado Pago Mexico emphasized that the digitization of financial services will enable a safer and more efficient operation in the Mexican market. The company believes that its focus on technology and the diversification of its products will allow it to maintain its relevance and continue growing in the financial sector in Mexico.
