In the past year, the adoption of Mercado Pago's slim mobile credit-card readers has more than doubled in Mexico. Five years ago, approximately 1 million credit-card readers used by merchants were provided by traditional banks and 1 million from third parties such as Mercado Pago and Clip. Now, the number of bank-provided credit-card readers has stagnated while third parties have rolled out more than 4 million.
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MercadoLibre's fintech arm sees credit-card reader boom in Mexico
In Mexico, "we're still behind other countries," Brousset said on Friday, "but market penetration has been speeding up."
