Why MercadoLibre Stock Triumphed on Thursday
Thursday's trading session was very kind to South American e-commerce company MercadoLibre (NASDAQ: MELI). Its share price shot more than 2% higher, trouncing the S&P 500 index's 0.8% gain, on news that it might soon be teaming up with a social media titan.
In an interview with Reuters, MercadoLibre chief financial officer Pedro Arnt said that his company was in discussions with Meta Platforms (NASDAQ: META) to process payments for the latter's WhatsApp secure messaging service in Brazil. According to Arnt, MercadoLibre is in the testing phase to be one of the companies providing this type of fintech service for the app.
Meta, which also operates Facebook, said in November that it would allow WhatsApp users to directly contact and to buy products and services from businesses within the app's popular chat feature. Meta identified Mercado Pago, MercadoLibre's financial ecosystem, as one of the entities with the technical ability to provide in-app transaction services.
Source Fool.com
