“Can a bank-consortium wallet become Argentina's open-banking and account-to-account payments infrastructure layer?”
MODO was created in 2020 as a bank-consortium digital wallet for Argentina, owned by 35+ banks representing ~95% of the local financial system. Originally a P2P/QR wallet competing with Mercado Pago, it has since pivoted into an infrastructure play: MODO Conexiones now functions as Argentina's de-facto open-banking and A2A payments aggregator, intermediating between BCRA-registered Proveedores de Cuentas de Pago (PCPs) and merchants like Rappi. The strategic question is whether the bank-owned wallet can become the country's open-finance rails before regulator-driven interoperability commoditizes the layer.
MODO discloses MODO (in-house, bank-consortium wallet) as its banking provider, according to the Embedded Finance Index 2026.
MODO does not disclose a bank charter of its own; its banking services are provided through MODO (in-house, bank-consortium wallet).
MODO processes payments through MODO Checkout (self-operated), MODO Conexiones PCT Online (self-operated A2A) and MODO Botón de Pago SDK (self-operated).
MODO connects to bank accounts through MODO Conexiones (self-operated AISP/PISP-equivalent aggregator).
The Embedded Finance Index 2026 maps 3 layers in MODO's stack: Payments / PSP (MODO Checkout (self-operated), MODO Conexiones PCT Online (self-operated A2A) and MODO Botón de Pago SDK (self-operated)); Banking / BaaS (MODO (in-house, bank-consortium wallet)); Open banking (MODO Conexiones (self-operated AISP/PISP-equivalent aggregator)).
MODO is founded in 2020 and headquartered in Buenos Aires, Argentina.
Get a read on where your own stack stands against MODO and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.