MercadoLibre Accused By Argentine Banks of ‘Abusive Conduct’
- Digital wallet firm files complaint with Argentine regulators
- Central bank already ordered opening of QR payment network
This article is for subscribers only.
Argentine banks filed a legal complaint Monday against MercadoLibre Inc. for alleged “abusive conduct” on its digital payments platform, ratcheting up more pressure on the company after new central bank regulations imposed key changes on the fintech sector.
MODO, a virtual wallet backed by some 30 Argentine banks, accused the e-commerce giant of forcing consumers to fulfill online purchases via its payment platform, Mercado Pago, among other practices, according to MODO’s statement regarding its formal complaint before Argentina’s National Commission for the Defense of Competition.