diff --git a/client/task-list/tasks/payments/RemotePayments/components/PaymentConnect.js b/client/task-list/tasks/payments/RemotePayments/components/PaymentConnect.js
index 6826fe0bcc0..d6630c7c733 100644
--- a/client/task-list/tasks/payments/RemotePayments/components/PaymentConnect.js
+++ b/client/task-list/tasks/payments/RemotePayments/components/PaymentConnect.js
@@ -21,7 +21,7 @@ export const PaymentConnect = ( {
 	const {
 		key,
 		oauth_connection_url: oAuthConnectionUrl,
-		setup_help_text: helpText,
+		setup_help_text: setupHelpText,
 		required_settings_keys: settingKeys,
 		settings,
 		settings_url: settingsUrl,
@@ -99,6 +99,9 @@ export const PaymentConnect = ( {
 		return errors;
 	};
 
+	const helpText = setupHelpText && (
+		<p dangerouslySetInnerHTML={ sanitizeHTML( setupHelpText ) } />
+	);
 	const DefaultForm = ( props ) => (
 		<DynamicForm
 			fields={ fields }
@@ -127,12 +130,10 @@ export const PaymentConnect = ( {
 	if ( oAuthConnectionUrl ) {
 		return (
 			<>
+				{ helpText }
 				<Button isPrimary href={ oAuthConnectionUrl }>
 					{ __( 'Connect', 'woocommerce-admin' ) }
 				</Button>
-				{ helpText && (
-					<p dangerouslySetInnerHTML={ sanitizeHTML( helpText ) } />
-				) }
 			</>
 		);
 	}
@@ -140,17 +141,18 @@ export const PaymentConnect = ( {
 	if ( fields.length ) {
 		return (
 			<>
+				{ helpText }
 				<DefaultForm />
-				{ helpText && (
-					<p dangerouslySetInnerHTML={ sanitizeHTML( helpText ) } />
-				) }
 			</>
 		);
 	}
 
 	return (
-		<Button isPrimary href={ settingsUrl }>
-			{ __( 'Manage', 'woocommerce-admin' ) }
-		</Button>
+		<>
+			{ helpText }
+			<Button isPrimary href={ settingsUrl }>
+				{ __( 'Manage', 'woocommerce-admin' ) }
+			</Button>
+		</>
 	);
 };
diff --git a/readme.txt b/readme.txt
index 235748b26cc..29525faf77d 100644
--- a/readme.txt
+++ b/readme.txt
@@ -85,6 +85,7 @@ Release and roadmap notes are available on the [WooCommerce Developers Blog](htt
 - Add: Note date range logic for GivingFeedback, and InsightFirstSale note. #6969
 - Add: Add transient notices feature #6809
 - Add: Add transformers in remote inbox notifications #6948
+- Add: Add Mercado Pago as default fallback payment gateway #7043
 - Add: Get post install scripts from gateway and enqueue in client #6967
 - Add: Free extension list powered by remote config #6952
 - Add: Add PayPal to fallback payment gateways #7001
diff --git a/src/Features/RemotePaymentMethods/DefaultPaymentGateways.php b/src/Features/RemotePaymentMethods/DefaultPaymentGateways.php
index bcfd05e6e01..5dcbc39545d 100644
--- a/src/Features/RemotePaymentMethods/DefaultPaymentGateways.php
+++ b/src/Features/RemotePaymentMethods/DefaultPaymentGateways.php
@@ -68,6 +68,16 @@ public static function get_all() {
 					self::get_rules_for_cbd( false ),
 				),
 			),
+			array(
+				'key'        => 'woo-mercado-pago-custom',
+				'title'      => __( 'Mercado Pago Checkout Pro & Custom', 'woocommerce-admin' ),
+				'content'    => __( 'Accept credit and debit cards, offline (cash or bank transfer) and logged-in payments with money in Mercado Pago. Safe and secure payments with the leading payment processor in LATAM.', 'woocommerce-admin' ),
+				'image'      => plugins_url( 'images/onboarding/mercadopago.png', WC_ADMIN_PLUGIN_FILE ),
+				'plugins'    => array( 'woocommerce-mercadopago' ),
+				'is_visible' => array(
+					self::get_rules_for_countries( array( 'AR', 'BR', 'CL', 'CO', 'MX', 'PE', 'UY' ) ),
+				),
+			),
 			array(
 				'key'        => 'ppcp-gateway',
 				'title'      => __( 'PayPal Payments', 'woocommerce-admin' ),