Starting this week, leading Latin American fintech Mercado Pago has entered the official foreign exchange market by enabling U.S. dollar trading directly through its app. As of July 28, users can now buy, sell, and invest in official dollars—a space traditionally controlled by banks.
Dollar purchases are available daily from 4 a.m. to 8 p.m., with instant crediting and the ability to fund from personal or third-party accounts. The launch pricing started at $1,292.96 for buying and $1,292.58 for selling.
Mercado Pago clarified that all dollars traded or transferred into the app are automatically invested in a Mutual Investment Fund (FCI) managed by Industrial Asset Management and held in custody by Banco Industrial (BIND). This low-risk, fully digital instrument offers an average annual return of 2.4%, based on the last 30 days.
The move strengthens Mercado Pago’s position against traditional banks and fintech rivals like Ualá and Cocos, deepening competition in Argentina’s dollar market. According to the company’s own survey, 60% of users prefer saving in dollars, and half had not previously invested their dollar holdings before using the app.
By offering a simple, secure, and yield-generating alternative, Mercado Pago aims to shift user behavior from passive saving to active digital investment, further accelerating the transformation of Argentina’s financial landscape.
