meet the fintech

What is Modo, Argentina's virtual wallet

modo argentina

Imagine a cashless future? The trend to disrobe yourself of physical money, no longer carry it, has grown exponentially throughout 2020. 

MODO represents a virtual wallet App used by several banks that allows you to send and request money from your contacts — without any hassles, without remembering CBU or aliases, and in real time.

All your accounts and cards are linked to a single App. 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.  

What is MODO?

MODO is an Argentine virtual wallet created to help users make payments and transfers money. With MODO financial transactions will flow securely, rapidly, intuitively, and automatically without hassles; just like sending a message.

This digital platform is a public-private project spearheaded by 33 banks in Argentina that competes with MercadoPago. 

MODO arises out of the need to promote the use of electronic money and provide greater security for users. 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 also allows users to transfer money between bank accounts to mobile wallets and contacts without the use of CBU or Alias.

MODO is one of the simplest ways to manage your spending. 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. 

Unlike other virtual wallets, MODO does not need users to fund it. Users don't have to transfer money into their MODO accounts because they will be in fact using their traditional bank accounts and cards. MODO also includes payments with transfers 3.0 – announced by the BCRA. 

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. 

The application aims to reduce the informal economy and tax evasion, edit out printing costs, and dissuade users from using banknotes in Argentina.

History of Mercado Pago

According 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. 

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. 

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.

Under those stat’s, MODO was finally launched in 2021 as a payment solution aimed at this demographic.

MODO is the virtual wallet developed by Play Digital SA, an independent consortium born in the middle of the COVID-19 pandemic whose shareholders represent the majority of the public and private banks in Argentina. 

Eduardo Hecker, the president of Banco de la Nación Argentina (BNA) is the main head of this conglomerate. The app's objective is to reach banked and under-banked customers in Argentina and add all the remaining bank institutions in the country, and in doing so dethrone MercadoPago and other Fintechs services.

In the beginning, MODO was just compromised by four private banks — Scoglio and Barallobre, who, incentivized by the digital revolution of finances, wanted to integrate private, public, and cooperative banking into the app. 

Those 4 banks turned into 40 due to the onset of COVID, and the need for small businesses to migrate to the net and offer payment solutions to their clients. The support of 40 banks finally arrived, and since 2021 MODO became the leading platform of choice for digital payments in Argentina. A platform with more than 3 million users and has been adopted by 400,000 shops throughout the country. 

MODO arrived to provide a virtual wallet used to pay with QR codes and make transfers through the cell phone in a simple, agile, and very fast way.

Features of MODO

MODO intends for people to forgo using plastics and start using virtual wallets. So, what can you do with MODO?

Simplifies managing your money

Send and ask for money to and from your cell phone contacts without the need for CBU or alias. You no longer need to carry cash or cards with you. 

QR payments

Pay in your favorite shops with QR codes without presenting cards or ID.

Integrate your accounts

All your accounts and cards under one app and linked to your mobile number. You will have the freedom to choose which card to use during your transactions.

Backing off the banks.

MODO works with all the major players of the Argentine banking community: private, public institutions, and cooperatives that support the digitization of payments.


Your money is well-protected. In the event of theft or loss, banknotes disappear, while digital money is safeguarded electronically. 

The MODO application counts with a security mechanism, data encryption, and identity validation that make it difficult for others to use it.

Accepted for purchases in stores

MODO already has its QR code present in all the main shopping malls, large shopping venues, and in some small shops.

Saves time

Handling cash takes away valuable time from people: long lines at the ATMs, dealing with bank cashiers, or paying at shops — cards that get lost, damaged or stolen, and PINS forgotten.

Traces transactions

The use of electronic money increases the traceability of transactions, reducing the informal economy, tax evasion, money-laundering and other criminal enterprises.

Reduces physical banknotes

The use of digital media minimizes the costs of printing and logistics of employing physical banknotes. This is a huge benefit for the Argentine government. 

Free App

Best feature: it’s a free app.