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In Argentina we have Mercado Pago which is basically this.

It is not the same. Mercado Pago is a product from Mercado Livre and charges at least 0.8% per transaction.

If you transfer between accounts is free.

Transfers from a bank to another and between banks and/or digital wallets (like MercadoPago) are free and almost 99% of time instant in Argentina

The transfer system is like that due to government regulation