PayPal Holdings Inc. CEO Dan Schulman announced a new agreement with MercadoLibre on a global integration between the payments firm and a Latin American e-commerce site. 

PayPal, which earlier this year acquired a stake in MercadoLibre, will become a payment option on the Mercado Pago online checkout for customers in Brazil and Mexico, allowing PayPal's 300 million customers to gain access to thousands of merchants on the site.

"This is just the beginning of the great things we can do together," Schulman wrote on his LinkedIn page. "By working closely, we can jointly leverage our scale and platform capabilities to help drive inclusion and access to the global digital economy."

PayPal will also be accepted on the MercadoLibre marketplace in Brazil and Mexico for cross-border purchases. Lastly, MercadoPago will be available as a payment option at PayPal merchants around the world. 

Schulman said the agreement will expand the presence of its Xoom remittance service by allowing Mercado Pago users to receive money transfers in their digital wallets, initially in Mexico and Brazil. 

Cover image: Xoom.

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