Argentine banks have joined forces to take on PayPal-backed Mercado Libre wallet Mercado Pago with their own P2P money transfer app, Dimo.
Up to 20 banks have registered with the joint venture company Pay Digital, which will be responsible for development and roll out of Dimo, according to local news service Contxto.
The app will reportedly be launched in September or October of this year and is being developed under the leadership of Rafael Soto, former general manager at Nubank in Argentina.
The new wallet will feature QR codes for consumer and business payments and P2P money transfers to user bank accounts using just the recipient's telephone number - a step up from Mercado Pago which requires bank ID codes to make payments.