Mercado Pago moves toward an Argentine banking licence, with approval expected before year-end

Argentina’s central bank says Mercado Libre, through Mercado Pago, will have its banking licence before the end of the year. For PSPs and high-risk merchants, the point is not the corporate label: it is that a major local payments player is about to sit inside the formal banking perimeter, with room to expand services for individuals, merchants, and SMEs.

1. Juan Curutchet, a director at the Banco Central de la República Argentina (BCRA), made the comment at the Nuevo Dinero event. He also said Revolut would have its banking licence in the same time frame, putting two large players on a path into the regulated banking system at roughly the same moment.
2. The Mercado Libre filing has been open for more than a year. The case began at the end of May 2025, when the company said Mercado Pago would apply for a banking licence to expand its services “within its 100% digital model”. In July, the process had already been running for twelve months without a clear decision date.
3. When it announced the application, Mercado Libre framed the move as part of a regional strategy already underway in Brazil and Mexico. Juan Martín de la Serna, president of the Argentine subsidiary, said: “We are building the largest digital bank in Latin America.” Alejandro Melhem, senior vice president of Mercado Pago for Hispanic Latin America, said: “We will continue growing to become the largest digital bank in the region.”
4. The company later said the request was still moving through the BCRA process: “Last year we formally submitted the request to the BCRA. It is an extensive process that is advancing according to normal timelines and does not imply a change in strategy.” It added: “Our goal remains the same, to democratize financial services with a free digital account and multiple tools for individuals and merchants.”
5. The BCRA said the licence process can start online and requires an initial “symbolic” fee equal to 10,000 UVA, about $20 million at the time of that consultation. After that, the applicant must submit data, documentation, and guarantees. A licence can be obtained from scratch or by buying an existing bank. Ualá used the second route with Wilobank, and Cocos did the same by acquiring Voii.

For high-risk operators, the practical takeaway is simple: Mercado Pago is not just adding a banking badge. If the approval lands, it would deepen the company’s ability to offer deposits, accounts, and other regulated products inside Argentina’s formal banking regime, which changes the competitive map for PSPs, acquirers, and merchant-facing fintechs that already serve the market.