What is Modo, Argentina's virtual wallet (Discounts at Coto and other stores) - Mercado Pago competitor

[Wally]

For those of you with DNI's check out Modo. It's a free App and you can get cash back discounts. I got a 10,000 peso cash back at Coto and an additional 5,000 pesos for opening the account. Not a lot but free money is free money. On Friday's in June Coto gives you 30% discount up to 10,000 pesos once a week. You can link it to your local bank account.

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.

What is Modo, Argentina's virtual wallet

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.

inclusivemoney.com

 

[Betsy Ross]

Thanks @Wally. Will check it out. It all adds up. 💰💰

 

[GraceH]

Here is the link to it.

https://www.modo.com.ar/

 

[earlyretirement]

Thanks Wally! It was really effortless to sign up. I just signed up and it's interesting as they are connected with the government database in Argentina. It had me input DNI, scan my face which I'm assuming connects to the government database. Then it already knew that I had a bank account inside Argentina and asked me if I wanted to associate it to my account. It then asked to connect to my bank and you link your local bank account and voila.

It has a list of all the stores that have discounts. Below are a few screenshots.

PS - @Sunny I guess this would solve your ID request at Coto. I'm assuming no ID at all is required as you just use your phone to pay. Incredible how connected (and a little scary) how connected everything is. It never was like this before but just goes to show you how much technology will change everything.

 

[Wally]

Yeah I thought the same thing @earlyretirement! Usually these apps are painful and don't work well. But you can tell some big money is behind this. Seems secure too as they text you to your local cellphone the code and also email confirmation. I guess if they didn't all my information they will now!

 

[Sunny]

PS - @Sunny I guess this would solve your ID request at Coto. I'm assuming no ID at all is required as you just use your phone to pay. Incredible how connected (and a little scary) how connected everything is.

Yep. For now I'll pass. The sketchy way I'm doing things works best.

(But, you don't live here now... Why did you sign up?)

 

[earlyretirement]

Yep. For now I'll pass. The sketchy way I'm doing things works best.

(But, you don't live here now... Why did you sign up?)

I’m in BA every 2 months. I come down all the time for work. Also, it it's a competitor to Mercado Pago then people will use it to pay one another too. So with adoption it is another way to pay people or get paid so it's always nice to have these Apps.

 

[Uncle Wong]

I’m in BA every 2 months. I come down all the time for work. Also, it it's a competitor to Mercado Pago then people will use it to pay one another too. So with adoption it is another way to pay people or get paid so it's always nice to have these Apps.

I took a look at the App. It sounds like it's a sort of Paypal or Venmo type app that people can pay one another. Bummer that you have to have permanent residency for things like this or for Mercado Libre. I had to get some stuff while I was there and annoying asking people there to help out.

 

[Vero]

Thanks Wally. I just signed up. Was easy. Never heard of this before this thread.

 

[Jenn]

Yep. For now I'll pass. The sketchy way I'm doing things works best.

(But, you don't live here now... Why did you sign up?)

It is crazy how many people use cash there. My friends there said that many locals don't like to use credit cards for anything! I can't imagine. I haven't used cash for months. I haven't had to use an ATM machine I think in the USA in almost a year. When I travel yes to withdraw currency but here in the US no one uses cash at all.

 

[Finance Prof]

I’m in BA every 2 months. I come down all the time for work. Also, it it's a competitor to Mercado Pago then people will use it to pay one another too. So with adoption it is another way to pay people or get paid so it's always nice to have these Apps.

Yes. I signed up too. Not sure how easily they can catch up with Mercado Pago but sign up was easy and sounds like they will have some great promos to build up the base of users.

 

[JonJLA]

Yep. For now I'll pass. The sketchy way I'm doing things works best.

(But, you don't live here now... Why did you sign up?)

But this would be like asking someone why they would sign up for Venmo. Peer to peer payments are the future. Even in a cash society like Argentina they eventually will get adoption of most people to go digital. Call me crazy but in the future some countries will probably just make paying with cash either very difficult or impossible. Many places here in California don't allow you to pay with cash and it is ALL digital now. Many places. I doubt that will ever happen in Argentina but digital will be way in the future.

Here in the US everyone uses Venmo.

 

[Colin]

It is crazy how many people use cash there. My friends there said that many locals don't like to use credit cards for anything! I can't imagine. I haven't used cash for months. I haven't had to use an ATM machine I think in the USA in almost a year. When I travel yes to withdraw currency but here in the US no one uses cash at all.

I'm like you @Jenn. I almost never use cash in the States. Only for tips when I valet my car. Things are much different in Argentina. Just a few years ago you had to use cash as you couldn't use credit cards or got a horrible exchange rate that was 100% less. It is great to see Argentina changing for the better. For sure many people will hate the changes but sounds like they are happening anyway.

 

[IrishLad]

Sounds like a serious group of banks! I think this is already in my banking app but I'll check it out.


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.

 

[Avocado]

Thanks Wally! It was really effortless to sign up. I just signed up and it's interesting as they are connected with the government database in Argentina. It had me input DNI, scan my face which I'm assuming connects to the government database. Then it already knew that I had a bank account inside Argentina and asked me if I wanted to associate it to my account. It then asked to connect to my bank and you link your local bank account and voila.

It has a list of all the stores that have discounts. Below are a few screenshots.

PS - @Sunny I guess this would solve your ID request at Coto. I'm assuming no ID at all is required as you just use your phone to pay. Incredible how connected (and a little scary) how connected everything is. It never was like this before but just goes to show you how much technology will change everything.

View attachment 6453

View attachment 6454

View attachment 6455

Thank you for telling me. I sign up today. Very easy. Good savings helps.

 

[Wally]

It sounds like MODO is working too well. Mercado Libre is suing them for anti-trust issues since the banks are all partnering with the app. There are some GREAT discounts by paying with it. Some stores during the week have 30% discounts using the app to pay. Even some stores like Cafe Martinez and Kansas offer discounts to pay with the app.

Mercado Libre presentó una denuncia por cartelización contra 36 bancos

Es por la operación de MODO, la billetera digital que compite con Mercado Pago. El unicornio fundado por Marcos Galperin argumenta que la crearon para no competir entre ellos y obstaculizar el crecimiento de empresas fintech

www.infobae.com

 

[Lucia]

It sounds like MODO is working too well. Mercado Libre is suing them for anti-trust issues since the banks are all partnering with the app. There are some GREAT discounts by paying with it. Some stores during the week have 30% discounts using the app to pay. Even some stores like Cafe Martinez and Kansas offer discounts to pay with the app.

Mercado Libre presentó una denuncia por cartelización contra 36 bancos

Es por la operación de MODO, la billetera digital que compite con Mercado Pago. El unicornio fundado por Marcos Galperin argumenta que la crearon para no competir entre ellos y obstaculizar el crecimiento de empresas fintech

www.infobae.com

Yes, I think Mercado Pago rarely offers promotions and discounts, but I believe they’ll start considering it now to stay competitive. MODO has a lot of discounts and promotions, and it’s easy to use:

https://www.modo.com.ar/promos

 

[Spend Thrift]

Yes, I think Mercado Pago rarely offers promotions and discounts, but I believe they’ll start considering it now to stay competitive. MODO has a lot of discounts and promotions, and it’s easy to use:

https://www.modo.com.ar/promos

Yes they better start offering discounts if they want to stay competitive with Modo. I don't have a DNI so I can't use either but my assistant buys some groceries sometimes for me and gets a good discount with Modo.

 

[Larry]

Here is an article about the lawsuit here too.

Mercado Libre denounces Argentina's banks for ‘cartelisation’

Giant fintech and e-commerce firm files complaint with CNDC competition watchdog accusing 36 banks of acting like a “cartel” with its MODO digital wallet service.

www.batimes.com.ar

MercadoLibre hits back at Argentina's banks for ‘cartel’ tactics

MercadoLibre accuses Argentine banks of “illegally concentrating” under one payments platform as an anti-competitive tactic against the company’s fintech arm, Mercado Pago.

www.batimes.com.ar