Mercado Pago renews its prepaid card: what are the new functionalities

Mercado Pago renews its prepaid card: what are the new functionalities
September 7, 2023 – 14:09

The new virtual card is intended for purchases in the digital world, with quick activation and no costs.

65% of users use their card to make online purchases.

Mercado Pago, the payment collection platform Free market launched its virtual card and renewed its physical version with new functionalities.

The new virtual card It is intended for purchases in the digital worldl, quick activation and no costs. The physical version has a new design and is the first physical card of the country in not having any printed data. According to data shared by Market Payment65% of users use their prepaid card to make online purchases and 50% make their first purchase with that modality.

New Mercado Pago virtual card: how is it activated?

The new one virtual card It works with money in the digital account, can be activated and used instantly and is free of charge for users. In a single click, people will be able to access a international prepaid card Mastercard for to buy online in any store or subscribe to the services they want. Furthermore, being within the application of Market Paymentfriction is reduced when purchasing online because the user will no longer need to have their wallet or plastic with them.

In addition, Market Payment presented the evolution of the Mastercard physical prepaid card. From now on, people who request it through the app will receive a card without personal information printed or numbers, reinforcing your security. In an aesthetic sense it is also renewed: the plastic is vertical and black. This version operates with contactless and chip technology, can be used to purchase in physical stores anywhere in the world and works with the money in the digital account.

WhatsApp Image 2023-09-07 at 2.03.51 PM.jpeg

“Through these new solutions we are offering millions of Argentines the possibility of accessing a card for the first time, while we accompany the new habits of peopleadding simplicity and practicality in the daily use of the digital account. In addition, we added new security solutions, avoiding the greatest risk that people face: that their card data is stolen and used for online purchases. This is one more step that we take in line with our purpose of promoting financial inclusion in the country,” commented Agustín Onagoity, Senior Director of Payment Market.

Mercado Pago: what are the new features?

In addition to the launch of the virtual card and the relaunch of the physical card, the app added new functionalities that increase user control in their operations:

  • Possibility of editing the withdrawal limit at ATMs and participating stores
  • Check consumptions made.
  • Both cards are independent of each other
  • They are available to all users with a digital account in Mercado Pago
  • They can be paused or canceled
  • The contactless functionality of the physical card can be blocked.

It should be noted that, at the time of activate the cardthe users may contract Comprehensive Protection insurance that protects purchases made with the card, or any means of payment Market Payment, from theft or accidental damage for 90 days, among other risks.

X-ray of new online shopping habits:

With these changes, Market Payment accompanies users in their new consumption habits:

  • 65% of users use their card to make online purchases and 50% make their first purchase this way.
  • The main categories of online purchases are Subscriptions, Delivery and Services.
  • 58% of users who make online payments are subscribed to some subscription. The main categories are music and video streaming services.
  • 80% of young users under 25 years of age make online purchases, while 32% only do so online. Regarding the “video games” category, 65% of purchases are made by young people under 25 years of age.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts