The balance of the Mercado Pago digital account can be invested in BICE, thus being able to generate daily profitability automatically, without deadlines, without minimum or maximum amounts and for all users of legal age.
Mercado Pago, Mercado Libre's digital account, announced today Wednesday that its users in Chile will be able to obtain a daily return on the balance available in their digital accounts. It is an innovative product that currently surpasses other banking products in its value proposition that seek to provide users with profitability on their account balance.
This new product generates a profitability that fluctuates at a rate of around 8% per year, similar to or better than time deposits, and seeks to enable people to grow their money without minimum amounts and using their money in the app as always. thus continuing its commitment to democratize finance.
The new functionality will be available to all people who reside in the country and are of legal age. Furthermore, unlike other alternatives offered by banking, profitability is generated every day from the available balance.
“Today, the vast majority of people do not have the possibility of investing their money for the simple reason that traditional investment products do not provide immediate liquidity, therefore they cannot use their money when the person needs it. For us, this represents a differentiating element that strengthens the value proposition that we are presenting for our users in Chile.” said Matías Spagui, senior director of Mercado Pago Chile.
And according to the latest reports published by the Financial Market Commission (CMF), in Chile there are 8.5 million current accounts, more than 16 million RUT accounts and 24 million demand accounts, which do not allow their users connect with easy-access and low-risk investment tools, considering the current Chilean context in which inflation exceeded 10% annually this year, causing prices to continue rising.
Among its main characteristics and attributes of the functionality that the Mercado Pago account now offers are: daily profitability, the total balance of the account can be invested in BICE with rates close to 8% per year; immediacy, the money invested will be available to be used at any time and does not require a minimum retention period or additional procedure to use it; and easy access, the minimum amount to start obtaining profitability is $1 peso (US$ 0.00115).
The product operates from a mutual fund created by the general fund manager BICE, in conjunction with the technology of Mercado Pago and Poincenot Tech Studio, a company of Argentine origin specialized in technological and digital innovation for the financial industry, with whom Mercado Pago has developed solutions in other countries. In this way, Mercado Pago takes an important step in its main mission of being a technology-based company that seeks to generate financial proposals of value to the entire population of the countries where it operates.
“We are happy to participate in this initiative that shows that collaboration between different actors can generate better user experiences. This functionality will have a positive impact on the more than three million Mercado Pago users in Chile, providing the possibility of making their money profitable in a simple and fast way. In addition, it positions us as a leading innovative group in Banking-as-a-Service services,” stated the manager of the BICE Corporate Division, Robert Puvogel.
After Mexico, Brazil and Argentina, the Chilean market becomes the fourth country in the region where this functionality is deployed, which until now has made it possible for the money of 27 million Mercado Pago users to generate profitability.
