Leandro Cuccioli

But if you take a developed market, it would be around 45.

But if you take Mexico, you're still at 80% in five banks.

And if you take us,

you know probably you have single digit market share in in credit cards single market share in deposits etc so there is huge room for growth right so i don't see in in the next quarters to come the trajectory changing dramatically over time of course right i mean you cannot grow you know 30 forever but it's amazing that you know we still grow at startup rates even today because the market is so huge and i think that is something that people need to

realize that it's very early.

Yeah, so we were born out of volatility, I think, right?

I mean, 1999 Argentina, August, that's when, you know, Marcos Galperin started the business and right off the bat, you know, the bubble burst and Argentina, that was the core market, defaulted into 2001.

So I think that over the last 26 years, MercadoLibre in Latin America, I mean, if you are going to be in Latin America over time, you need to understand that things will become volatile from time to time, to put it in a nice way.

In the case of Argentina, we have an amazing business, right?

If you look at MercadoPago, more than 60% of the population uses MercadoPago in a daily basis to buy stuff, right?

I mean, the QR code has become...

the pervasive method there, like in China.

The same.

I think I've been several times to India and you see some kind of the same movement of cash being replaced

at a very fast speed, even disappearing.

MercadoLibre also, from the MercadoLibre side, from the marketplace, has been the leading company in Argentina for a long time, with a system that the brand equity, the perception of the consumer is so ingrained, almost it has defined the category

Right?

So, you know, just search it in MercadoLibre.

It would be the first thing that you tell your kids when they, you know, are looking for something, right?

It becomes the destination, right?