Mercadolibre, Inc. (NASDAQ:MELI) Q3 2019 Earnings Conference Call - Final Transcript
Oct 31, 2019 • 04:30 pm ET
on a consolidated basis. Argentina and Brazil were highlights during the quarter as our Gateway solution scales as well as we execute on market-fit solutions for both larger merchants and long-tail merchants. Moving on to our MPOS service the largest of our payments businesses off-platform in terms of TPV we're pleased to report that it continues to grow strongly with quarterly active merchants already surpassing the 2 million mark on a consolidated basis.
Additionally transactions per unique active device continue to increase as usage grows in both Brazil Argentina as well as in Mexico. In Brazil for MPOSs we also launched our Point Pro device during the quarter which has been gaining traction driven by our recent branding campaigns as we begin to observe meaningful improvements in top-of-mind and instantaneous awareness and surveys we have recently performed post campaign. Our Point Pro device will enable us to pursue slightly larger merchants while in parallel we have also launched a third device the Point Mini which will allow us to better serve the needs of our micro merchant segment of users. In Mexico our MPOS business is also gaining traction as we scale out branding and communication campaigns. Devices sold in Mexico grew by 58.5% versus last quarter and almost 200% versus last year while active collectors during the quarter continued to grow north of 300% year-on-year. Moving on to our wallet services I am pleased to report that we have also reached an important milestone during the quarter. For the first time since launch wallet TPV almost reached $1 billion on a consolidated basis. On an FX-neutral basis TPV grew by a factor of over 4x versus last year. Additionally consolidated quarterly active payers on the wallet grew a robust 35% versus last quarter reaching 6.1 million active payers. Argentina was a highlight during the quarter for our wallet business as we see positive results across most key KPIs. One of these is frequency of payment per unique payer. This metric reached almost 11 payments per unique payer during the quarter driven by successful execution in the rollout of our in-store QR network. A testament to this is that in spite of the FX headwinds that occurred during the quarter in the country spend per unique payers per quarter continues to rise in U.S. dollars even reaching $200 per quarter. A significant part of this wallet success is driven as I just mentioned by in-store QR payments. During the quarter we doubled the amount of QR payers and QR collectors versus the prior quarter reaching 2 million and almost 1 million respectively. Additionally in-store QR payments in Argentina already represent over 50% of total wallet TPV for the quarter.
As we advance with our payment strategy we aspire to replicate the success we are seeing in Argentina across other markets in the region that have launched at a later date. Still on FinTech I want to take a moment to update you on our credit business Mercado Credito. Overall the