Modo has already added 9 million users and is deepening its competition with Mercado Pago with discounts and refunds

Born at the end of 2020, MODO, the digital wallet owned by more than 30 Argentine banks It has already added 9 million users and announced new features. Your goal is to at least capture 7 million more Argentines: what they are “under the counter”: for this he presented a aggressive withdrawal strategy in stores with instant credit and new features, such as SUBE card top-up.

Created by a consortium of public and private banks to compete on the market and stop the advancement of fintechthat until a couple of years ago were the ones that had dominated the digital payments scene, MODO has accelerated the integration of financial institution apps with the digital world.

“We are transforming banking applications into digital wallets and now the more than 20 million people who use them can pay by scanning any QR code, using their cards or directly from their account. Millions of banking users today can be closer to their banks and their benefits, through the daily use of MODO, ”said the company’s CEO, in a press presentation. Raffaello Soto.

“Our target is the 16 million people who are digital bank users and who already use banking applications for some transactions and we want them to get used to using them to pay as well,” added Soto.

Unlike other digital wallets, such as MODO is owned by Argentine banking entities it does not depend on investor financing to leverage its operation. This, Soto said, is what allows the company to continue its growth sustainably, even in a year in which many of its competitors, such as Banco Itaú’s Ank portfolio, to cite one example, have had to close their business. their business.

The interoperable QR promoted by the Central Bank since the end of 2019 has allowed MODO to acquire widespread coverage: according to company executives, MODO is already present in half a million physical stores in the country and in 170 digital stores, via a payment button.

“We have a solution that starts solving everything around a payment”insured paolo scoglio, CPO MODE. “Today we accompany people to choose where to buy, with what advantages, with what means, to see what balance their accounts or cards have before and after payment. This is why MODO is a unique product on the market. It exists in 20 applications. banking, helping them to become real wallets “, he added.

In a highly competitive market such as that of digital payments in Argentina, for Scoglio a differential that MODO offers lies in the pillar of the security of financial movements, both for customers and for businesses. “Today, guaranteeing security is a challenge. We bring a superior proposal: since it is linked to bank payment methods, the bank details are protected and it is not necessary to load them manually,” explained Scoglio.