How does Mercado Pago work?

Payment platform belonging to Mercado Livre, Mercado Pago offers a variety of services to users, who can send and receive money, pay for purchases at online and physical stores, purchase mobile credits and Single Ticket, among other things.

Recently, the service also started to function as a digital account with a yield of 100% of CDI, according to the company, in addition to having joined the PIX, the new instant payment system of the Central Bank.

Another audience served by the digital wallet is microentrepreneurs. It offers solutions for those who work with sales on the web or in person, such as the Point card machine.

The platform also functions as a digital checking account.Source: Mercado Paid / Disclosure

Below, we explain a little more about how Mercado Pago works.

How Mercado Pago works

Initially created to facilitate the management of sales made in the Free Market, Mercado Pago ended up becoming a digital wallet with various services, for anyone.

Available in web version and app for Android and iOS, the platform allows the registration of credit cards and the addition of money, so that the user can purchase digital services, pay bills, bills and subscriptions and even make payments in person, by QR Code.

Home screen of the app.Home screen of the app.Source: André Dias – Tecmundo / Reproduction

Another way to use your digital wallet balance is through the Mercado Pago card. Free of charge, it works as a prepaid card and can be used for online purchases and physical stores.

Making purchases and payments

In the purchase option at Mercado Pago, it is possible to purchase various services online. In this example, we will simulate the purchase of credits for Google Play (the steps are basically the same for any option). Check out:

1. Open the Mercado Pago app;

2. Touch the three parallel lines, in the upper left corner, to open the menu, and choose the option “Pay”;

Mercado Pago app menu.Mercado Pago app menu.Source: André Dias – Tecmundo / Reproduction

3. Select “Buy credit online” and press “Google Play”;

Select the desired service.Select the desired service.Source: André Dias – Tecmundo / Reproduction

4. Check the desired gift card option and follow the instructions to complete the purchase.

Choose the credit amount.Choose the credit amount.Source: André Dias – Tecmundo / Reproduction

Another widely used option is the payment of slips. To do so, just choose “Pay slips and taxes” from the menu and choose between “Type” or “Scan”. Afterwards, confirm the payment with your account balance or credit card.

Boleto payment.Boleto payment.Source: André Dias – Tecmundo / Reproduction

To pay with QR Code, tap “Pay with QR” on the home screen and check the nearest stores with this service. When you are at the establishment, open the app, tap “QR Code” in the menu, scan and choose the payment method.

Add, transfer and withdraw money

You can add money at Mercado Pago in three ways: via TED (same day credit), at the lottery (credited within one hour) and deposit by boleto (money in the account within two business days). On the home screen, tap “Add money”, choose the best alternative and follow the instructions.

Ways to add balance to your virtual wallet.Ways to add balance to your virtual wallet.Source: André Dias – Tecmundo / Reproduction

If the user wants to transfer to another account, just tap on “Transfer money” and choose to send to another user of the platform or by TED. In both cases, the procedure is free.

Transfer by Mercado Pago.Transfer by Mercado Pago.Source: André Dias – Tecmundo / Reproduction

And if it is necessary to have cash, the platform allows withdrawing from Banco24Horas cashiers, using QR Code or card. In this case, a fee is charged.

It is worth remembering that who sells through the app or in the Mercado Livre has the money credited directly to the virtual wallet.

Mercado Pago Card

In addition to cell phones and computers, it is also possible to transfer the balance of Mercado Pago using the platform card, which is issued free of charge. The only fee charged is when withdrawing the money.

The new Mercado Pago card has a Visa banner.The new Mercado Pago card has a Visa banner.Source: Mercado Paid / Disclosure

Recently, the company launched a new card model, with a physical and virtual version, which is gradually being released to users. The request can be made in the “Cards” tab.

Mercado Pago card machine

One of the solutions for microentrepreneurs offered by the company is the machine for receiving debits and credit. There are four models currently sold, for different business profiles.

Point machine.Point machine.Source: Mercado Paid / Disclosure

The request can be made at Mercado Pago website.

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