Mercado Pago

Multi-purpose payment platforms are the way to go in Central and South America. Options like Mercado Pago allow you to shift money around using credit and debit cards, bank transfers and, in some cases, even cash. Mercado Pago is a virtual wallet accepted throughout the Latin American online casino industry.

Widely used in most Latin American countries, Mercado Pago is often the go-to choice for casino gamers, and we’ll explain why. Join us as we cover the basics, explain how it works and showcase what Mercado Pago can offer you when you choose it as a casino banking option.

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About Mercado Pago

Launched in 2003, Mercado Pago is an offshoot and subsidiary of Mercado Libre, founded in 1999. As a multi-purpose payment option, it facilitates transactions via payment links, QR codes, and checkouts in online stores, such as casinos and sportsbooks. You can use the service via dedicated iOS and Android payment apps or your browser.

Mercado Pago took a considerable leap forward in 2014 by offering an mPOS app to physical stores. This step expanded the popularity of the payment method to everyday users, cementing its place as the number one option in the region.

You’ll typically be able to choose from two accounts – a payment account and a seller account. Naturally, you’ll only be interested in the former. With a payment account, you can use Mercado Pago as if it were an e-wallet. You can fund your account by processing payments from your bank card to Mercado Pago.

Mercado Pago is popular in Central and South America

Target Markets

Mercado Pago is based in Montevideo, Uruguay, and has over 34.5 million users. It is one of the biggest payment providers in Mexico but also has a substantial following in Argentina, Brazil, Chile, Colombia, Peru, and Uruguay.

While it caters to all those countries (and more), Mercado Pago creates customised solutions for each country, allowing you to connect localised payment methods specific to your needs. These solutions naturally mean you can also utilise various currencies to process payments, from Argentine pesos to Brazilian reals, CLP, COP, MXN, and PEN options.

Mercado Pago Account

Before using Mercado Pago, you’ll need an account at its parent company, Mercado Libre. Head to their website to sign up. You’ll receive an e-mail/SMS to verify that new account.

Once created, you can download the iOS or Android-based Mercado Pago app. You can skip this step and opt for the browser-based equivalent when paying if you don’t want to download the software.

You’ll also need to connect a payment option to your account. That will usually be a credit or debit card from one of the accepted banks. Again, this may be unique to your South or Central American country.

Once your card or bank connects to Mercado Pago, you can deposit into your wallet using that payment provider. In some countries, it is possible to process payments without utilising a balance, with the amount deposited at casinos directly from your bank card.

In this case, Mercado Pago acts as an intermediary between the casino and your bank, providing an added layer of protection and preventing you from handing over your card details to the casino in question.

How to Deposit with Mercado Pago

Most major online casinos permit Mercado Pago deposits. Assuming yours does, you can visit the cashier page at your chosen casino. From there, select Mercado Pago as your preferred payment option, bearing in mind the deposit caps and limits associated with your online casino.

After selecting Mercado Pago, you can enter the amount you wish to deposit into your casino account. You’ll be redirected to your Mercado Libre account page, where you can sign in and approve the transaction. That would be it. As you can see, Mercado Pago is a convenient and efficient payment provider that allows you to go through the casino library almost immediately.

How to Withdraw with Mercado Pago

Withdrawals are trickier, as not all online casinos process cashouts via Mercado Pago. When you deposit using this payment service, the online casino will likely offer bank transfers as a suitable alternative.

However, if this is the case at your chosen casino, you should ensure that there are no added fees for processing withdrawals via this method. Furthermore, you’ll note that transaction times via alternative means will be slower than Mercado Pago.

Transfer Times, Fees, and Security

Mercado Pago typically takes a few minutes to process your deposit. The process is on par with what you get with other e-wallets. Moreover, given that it’s the number one payment method in most Latin American countries that is trusted and secure, it is clearly the way to go.

No fees are associated with payments made to (or from) casinos using Mercado Pago. The merchants, in this case, the casinos themselves, bear any costs. Less reputable casinos might try to pass the fee on to you, but there are ample sites out there which won’t do that, and it is these trusted sites that you should aim to join. Any deposit caps and fees associated with topping up your Mercado Pago wallet vary from country to country.

Mercado Pago is part of the much-trusted Mercado Libre group. It features TSL encryption and is compliant with PCI-DSS. If you want added security, Mercado Pago allows you to utilise biometric verification (fingerprint or face ID) tools to protect your payments.