Argentine e-commerce leader MercadoLibre accuses digital wallet MODO, backed by 36 banks, of cartel-like behavior and market concentration.

Argentine e-commerce leader MercadoLibre files a complaint against MODO, a digital wallet backed by 36 banks, accusing MODO of cartel-like behavior and market concentration. MercadoLibre's fintech arm, Mercado Pago, competes with MODO and alleges that the banks are avoiding competition by favoring MODO. Both companies have filed complaints with Argentina's National Commission in Defense of Competition, requesting an investigation.

August 26, 2024
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