![]() ![]() To create this app, its developers took into consideration that, according to market data, more than 56% of Argentines expect cash transactions to be a thing of the past. Throughout 2020, Pablo Scoglio and Federico Barallobre started to develop, along with a talented multidisciplinary staff, the MODO application - an Argentine virtual wallet that brings together more than 40 banks in the country. History of Mercado PagoĪccording to the latest figures from the BCRA, almost 90% of Argentines have an open account, but they do not use it because of complex banking procedures. The application aims to reduce the informal economy and tax evasion, edit out printing costs, and dissuade users from using banknotes in Argentina. This will increase the employment of electronic methods of payment since legislation in Argentina has lowered commissions for smaller businesses that adhere to platforms like MODO. MODO also includes payments with transfers 3.0 – announced by the BCRA. ![]() Users don't have to transfer money into their MODO accounts because they will be in fact using their traditional bank accounts and cards. Unlike other virtual wallets, MODO does not need users to fund it. Users will be able to load all their bank accounts and payment tools, such as credit and debit cards, from all available financial institutions that have adhered to MODO’s platform. MODO is one of the simplest ways to manage your spending. MODO also allows users to transfer money between bank accounts to mobile wallets and contacts without the use of CBU or Alias. MODO allows transfers, payments, and purchases in all the stores linked to its network by way of a QR code through and its native mobile app. MODO arises out of the need to promote the use of electronic money and provide greater security for users. This digital platform is a public-private project spearheaded by 33 banks in Argentina that competes with MercadoPago. With MODO financial transactions will flow securely, rapidly, intuitively, and automatically without hassles just like sending a message. MODO is an Argentine virtual wallet created to help users make payments and transfers money. Through your cell you can not only transfer and receive money, but also make purchases by paying through QR codes without presenting cards or an ID. All your accounts and cards are linked to a single App. ![]()
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