Mercado Pago, the financial division of Mercado Libre, is set to apply for a banking licence from the Central Bank of Argentina.

This initiative aims to broaden its digital service offerings within a fully digital framework.

The move aligns with a strategy that has already been implemented in Brazil and Mexico, where the company has been enhancing its financial services.

The acquisition of a banking licence is expected to enable Mercado Pago to refine its service capabilities, introduce additional investment options, and establish new credit lines within its digital-only model.

Mercado Libre Argentina president Juan Martín de la Serna said: “We are building the largest digital bank in Latin America. In a region that still faces challenges in accessing quality services, we want to change the way users interact with the financial system with a digital bank where everyone wins.”

The platform has reported a significant user base, with 64 million monthly active users across Latin America as of the first quarter of 2025, marking a 31% increase compared to the previous year.

In 2024, Mercado Pago processed 11.3 billion transactions, reflecting a 20% growth from the prior year, reported The Rio Times.

Additionally, its credit portfolio experienced a increase of 75%, reaching $7.8bn.

With 35 million digital accounts in Argentina and significant monthly transaction volumes, Mercado Pago’s potential expansion is expected to further influence financial inclusion in a region where the adoption of mobile wallets is outpacing global trends.

Mercado Pago Hispanic Latin America senior vice president Alejandro Melhem said: “Applying for this new license is a natural step to offer more products and continue improving the user experience.

“This doesn’t imply a change in our strategy, but rather allows us to continue developing a simple, mutually beneficial financial ecosystem. We will continue to grow to become the largest digital bank in the region.”