Wednesday, May 26, 2021

Digital wallets: the emergence of MODO expands the ecosystem, but there are signs of consolidation by 2023

Created by the banks themselves, MODO has already reached one million users with a transactional-only business model, without granting loans or credit cards. The future and concentration according to the experience of other more developed markets.

Around 30 wallets share a market of more than 10 million users in Argentina. Last year, after a shift to digital financial services forced by the confinement, there was a true expansion of the ecosystem, with the landing of options such as ank -of Banco Itaú-, BIMO -a joint-venture between Clarín and Prisma- and Cuenta DNI, from Banco Provincia, among others. In any case, the great leap was made with MODO, created by the banks themselves, which in two months reached one million users (mostly due to the association of existing bank accounts with this wallet).

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