Argentine e-commerce company Mercado Libre filed a complaint against the country’s leading banks for “concentration, cartelization, and coordinated practices aimed at harming the fintech industry and its users,” according to a press release published on Tuesday.

Mercado Libre has an electronic wallet, Mercado Pago, with 12 million users in Argentina. In 2020, 36 Argentine banks created their own e-wallet called MODO, which is regularly used by seven million people.

Both Mercado Pago and MODO allow users to pay by scanning a QR code with their cellphones, usually displayed on business counters. Users can link their bank or Mercado Pago accounts to the apps. Mercado Pago also offers the opportunity to invest and even buy U.S. dollars.........

© Buenos Aires Herald