The digital payments company Mercado Pago extends its investment offer to adolescents from 13 to 17 years of age through its digital account.
Mercado Pago enabled users between the ages of 13 and 17 to invest through your digital account. Thus, the company reported that, from now on, adolescents can invest their money in the Common Investment Fund offered through this digital payment platform, managed by BIND Inversiones and guarded by BIND.
According to data from Market Payment, more than 7.8 million people in Argentina already invest under this modality. And, from now on, teenagers will join. Currently, the balances invested in the Common Investment Fund yield a nominal annual rate (TNA) of 76.3%, on average for the last week.
As reported by the company, the initiative is aimed at over 1.2 million teen users that now they can obtain returns with their balance in Mercado Pago, with the money available to be used at all times. And a survey carried out by the company indicated that 7 out of 10 young people look for alternatives to protect their money against the loss of purchasing power.
step by step for teenagers
Likewise, the company reports that it decided to move forward in this direction because 90% of young people between the ages of 13 and 17 who use the digital account are concerned about the devaluation of their money and declare that they are aware of the advantages of investing it. To do so, they must follow the following step by step, but the main requirement is to previously have the authorization of their parents or legal guardians:
- Adolescents who already have a Mercado Pago account authorized by their responsible adult must click on the “Know more” button on the main screen in the “Make your money work” section;
- Then they must provide an email from their legal representative (father, mother or guardian), who will have to accept terms and conditions, and ask for authorization to invest their money -this may take a while until we validate the link-;
- Then they will be notified and they will start to see the returns from their app.
“With this new functionality, minors have access to an increasingly complete and secure experience to manage their money. Through the free Mercado Pago digital account, adolescents between the ages of 13 and 17 can have a first approach to the universe of investments, always supervised by their parents and/or guardians, obtaining a return on their money and always having it available. ”, said Alejandro Melhem, vice president of Mercado Pago.
For his part, Juan Aguiar, CEO of BIND Inversiones, stressed that it is “very opportune in this context, that adolescents have access to financial tools that give them quick learning about the use and value of money.”
Source: Ambito
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