The competition of the local market payment system has been felt more. In 2019, Mercado Libre wants to start its system so that physical stores can make transactions, so that the company can only operate online in Chile.
"It has to be cheaper and more mobile, that is to say, it is really massive," Osvaldo Giménez project, a number of Latin American Free Market, a worldwide presence of 18 countries and Wall Street over $ 14,000 million. stock market capitalization.
The market place will be placed on the Pay Market, a market unit in Mercado, which in 2017 made 231.4 million operations in Latin America, 66.8% more than in 2016, and a total of 13,700 dollars in payment volume. one million last year.
For Giménez, as happened in the world of payment, Silicon Valley existed in the USA when the Polish technology crossed the ocean and reached China. Through this, most transactions occur through QR codes, especially WeChat Pay and Alipay systems.
And this system will be launched in Chile and Mexico next year, a mechanism that was launched in May this year, Argentina and recently in Brazil.
"Looking to Chile and Latin America, a POS of 100,000 inhabitants is a fraction in the US or Europe. Massive electronic payment is important, and QR seems to be the cheapest way to do it, because the POS does not cost", says Giménez.
One of the challenges to be taken is the establishment of a payment process with debit cards, electronically and without 4 digits security code.
With respect to the payment demanded by Mercado Pago, "the fees and charges that are made in each country in Argentina", the payments made by Debit Cards or the Payments for the Market Pay account are free, and payments made with credit cards are similar to the cost in that country " he says.
Is Transbank trader a discount or a similar rate of exchange, for example?
"A credit card is probably similar, it is a way of providing ideas, for example, that Market Pago is the cheapest means of paying money, which will be initially free and the cheapest payment method.
When you report what happened in China, payments made by two systems that are much cheaper than credit card circulate within the same system and, above all, do not have to pay the cost, "he explained.
In this way, they intend to reach well-known brands, such as fast food, cafes, among others, and for smaller businesses. "We believe that the need for electronic payment is greater, often making all these transactions in cash," he says.
However, Giménez evaluates in Chile due to the lack of mass payment of people, as far as Brazil and other markets are concerned, although they are charged by interests in most businesses.
"We are growing a lot in the Chilean market, we are growing 100% year-on-year in electronic commerce, we have worked very hard and have two things: free and free quotes that Market Pago wants to buy at the market We distribute everything in six tranches, everything you have paid for marketing or everything paid for by MarketPage, "he says.