Intuitive digital banking at your fingertips, the success of Mercado Pago | Society


Digital banking in Mexico has experienced significant growth in recent years, transforming the way people manage their finances. This transformation has been driven by the adoption of mobile devices, internet access and the growing demand for more agile and convenient financial services.

Within the framework of the sixth No Money 2023 Forum, an event held by EL PAÍS, in collaboration with BBVA and Mercado Pago on October 19 in the auditorium of the BBVA Tower in Mexico City, the digitalization of users with easier and An understanding of new concepts, such as cryptocurrencies and artificial intelligence, were the central topics of the meeting that brought together different specialists in economics, cybersecurity, education and technology.

For Pedro Rivas, general director of Mercado Pago and forum participant in the panel Informality and cash management, it is necessary to make digital banking more intuitive to promote the professionalization of users through financial education that generates capabilities to face new technological challenges, something that focuses on its digital account application.

“The first step to make financial education happen is to simplify it a lot, that people have an easy-to-understand product, that the correct information is in front of the user so that they know what they need to know, to understand what is spending with your money, with the income your business has or with the digital account you have with us,” explains Pedro Rivas in an interview with EL PAÍS.

“The second step is to have all the information on the surface or on the surface of the digital interface that we have, so that users with some type of curiosity, some type of doubt, feel confident in saying it,” says Rivas, who has a track record at big tech companies like Apple and Cabify. “It is very important to put yourself in the user’s shoes and have extraordinary customer service, so that when something you did not contemplate or a flow did not work as expected, you have the ability to say so.”

Carlos Serrano, Chief Economist of BBVA in Mexico, Valeria Moy, General Director, IMCO, Irina Valassi, VP Customer Solutions Center Mastercard México, Pedro Rivas, General Director, Mercado Pago, participate in the table titled “Informality and the management of cash” within the framework of the “no money forum” organized by BBVA and EL PAÍS in Mexico City on October 19, 2023. Year after year the forum takes place in the Mexican capital to discuss current financial issues and digital security .
Carlos Serrano, Chief Economist of BBVA in Mexico, Valeria Moy, General Director, IMCO, Irina Valassi, VP Customer Solutions Center Mastercard México, Pedro Rivas, General Director, Mercado Pago, participate in the table titled “Informality and the management of cash” within the framework of the “no money forum” organized by BBVA and EL PAÍS in Mexico City on October 19, 2023. Year after year the forum takes place in the Mexican capital to discuss current financial issues and digital security .Gladys Serrano

In 2023, Mercado Pago is the second most used banking application in Mexico, only below BBVA, according to data from the consulting firm SimilarWeb, which bases its classification on the times people download this type of application. apps and remain active users for long periods of time.

The last year has been one of great progress for the company. At the end of 2022, the application added the option to purchase cryptocurrencies such as bitcoin and ethereum, allowing its users to enter a new digital world, always with training available from the same application. to learn about what they are, how to buy, how to sell, what the risks are, volatility, security and even their environmental impact, all from the same platform.

Additionally, in July of this year they made alliances with Visa to launch their first credit card and offer more complete solutions and opportunities to merchants and individuals in their finances, but always differentiating themselves from traditional banking. “We are totally digital. We do not consider the alternative of having a physical space to serve our clients. Since you were born digital, you were born with the need and benefit of delivering your service in this way. Yes, there is a plastic. Yes, there is a terminal that ends up connecting the physical world with the digital one, but at the end of the day the ideas and the software that we develop so that all of this works as it should work are the heart of what Mercado Pago does,” says Rivas.

Pedro Rivas, general director of Mercado Pago, in Mexico City, on October 19, 2023.
Pedro Rivas, general director of Mercado Pago, in Mexico City, on October 19, 2023.Gladys Serrano

Committed to the country

20 years ago Mercado Pago started as an alternative for users who made transactions in Mercado Libre. Today it is positioned among the main technology companies in Latin America, creating opportunities from the northern border of Mexico to Patagonia.

In Mexico, the challenge is greater due to its complex and large economy. “The trajectory the country is on, despite the good and bad things it has, is a very positive trajectory. […] It is a large economy that already has many of the necessary elements for the product we want to market to work, so that the value we are delivering to society is truly delivered. It’s already there and now it’s a lot of focus on bringing all this technology, all this knowledge and all this desire to iterate and re-test in a market that potentially has such a big impact. Mexico is increasingly becoming a market in which the company has more and more faith and, therefore, more resources,” explains the director of Mercado Pago.

Regarding total digitalization and the use of cash, Mexico continues in the process with a good outlook, but in the long term. “In the near future (there is still a long way to go) many people will continue to use cash to make payments. With the options that are already on the table and the more people start using them, start recommending them, we are going to see a progression towards what we are already seeing in other countries. I’m not talking about Norway or a Nordic country, where they practically no longer accept cash, but more similar to what we are seeing in Brazil, where there was a fairly significant jump in the number of businesses and people who are already using digital payments.

Creating financial solutions at your fingertips is essential to providing a positive user experience, increasing the adoption of digital financial services, and ensuring the satisfaction of customers who use your product every day. Mercado Pago prioritizes ease of use in its mobile application and this benefits its customers in operational efficiency and trust in the brand.

Be the first to comment

Leave a Reply

Your email address will not be published.


*