02:38 PM EDT, 08/26/2024 (MT Newswires) -- MercadoLibre ( MELI ) has accused Argentine banks of anti-competitive practices, alleging that the 36 banks backing the MODO payments platform are acting as a cartel to stifle competition against its fintech arm Mercado Pago, multiple media outlets reported Monday.

The company filed a complaint with Argentina's National Commission in Defense of Competition after the banks accused Mercado Pago of similar anti-competitive actions, Bloomberg reported.

MercadoLibre ( MELI ) claims the banks are colluding to limit competition within digital wallets, while the banks argue that Mercado Pago dominates Argentina's e-commerce transactions, reports said.

MODO payments did not immediately respond to MT Newswires' request for comment, while MercadoLibre ( MELI ) could not be reached for comment.

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