PayPal Signs Commercial Agreement with MercadoLibre

Earlier this year, we made a strategic investment in MercadoLibre, one of the largest online commerce and payments ecosystems in Latin America. Our two companies share a common vision: we both want to help businesses compete globally, and offer innovative financial solutions to help people who are underserved by the traditional financial system.

To accelerate this shared vision, I’m pleased to share that we have signed a wide-reaching commercial agreement that will meaningfully drive an increase in our international scope and scale. As part of the agreement, PayPal will be made available as a payment option in the Mercado Pago online checkout for people in Brazil and Mexico, which opens the door for PayPal’s 300 million customers to shop at hundreds of thousands of new merchants. PayPal will also be accepted in the MercadoLibre marketplace in Brazil and Mexico for cross-border purchases. Similarly, we will offer Mercado Pago as a payment method at PayPal merchants around the world, allowing more than 48 million Mercado Pago users in Brazil and Mexico to pay with the method they love and trust. Additionally, we will expand Xoom’s presence by allowing Mercado Pago users to receive remittances into their Mercado Pago wallet initially in Mexico and Brazil.

This is just the beginning of the great things we can do together. By working closely, we can jointly leverage our scale and platform capabilities to help drive inclusion and access to the global digital economy. I could not be more pleased to end 2019 with such a meaningful development and look forward to an exciting and productive New Year.