👀 Argentina 🇦🇷: Obstacles in Interoperability and Internal Conflict at #MercadoPago

👀 Argentina 🇦🇷: Obstacles in Interoperability and Internal Conflict at #MercadoPago

The QR code compatible with all Argentine wallets was launched almost 4 months ago. However, the adaptation process is still ongoing… and remains quite turbulent.

➡️ Better Safe Than Sorry? Although connection issues aren’t yet critical nor a major media scandal, MercadoPago—Argentina's leading fintech with 85% market share—decided to be cautious and blocked payments with Visa bank cards from the MODO wallet last weekend. According to MercadoPago, many banks still have security vulnerabilities and aren't ready for full interoperability.

➡️ Visa disagrees and is upset, claiming it wasn’t informed beforehand. The company is considering filing a lawsuit for reputational damage and loss of profits.

➡️ MODO representatives also expressed frustration, asserting that their tokenization meets required standards.

➡️ The Central Bank is expected to step in as a mediator to help resolve the dispute.

➡️ Some good news: A few integrations have been successful. Recently, the acquirer Nave (Banco Galicia) integrated with MercadoPago, enabling payments via both credit cards and cash from any digital wallet or banking app.

#news #Argentina

⚓️ SurfGate — direct provider: P2P y UPI Collect in 🇮🇳, ACQ in Europe. Our web