“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.