FinTech MODO Launches Instant Payments, Eyes BNPL
MODO, a virtual wallet solution popular in Argentina, has launched an instant payment feature and is exploring a buy now pay later (BNPL), iupana reported on Monday (12 September).
A public-private project with the participation of more than 35 banks in Argentina, MODO allows users to keep track of all their different accounts in one place, make payments and access offers, cashback and rewards.
MODO customers, representing more than 95% of the country’s financial institutions, pay a fee to use the platform and can build their own apps on top of the technology, transferring functionality to end users without having to build everything from scratch in-house. .
As MODO’s Product Manager, Pablo Scoglio explained, “We manage the entire payment experience from MODO…we develop everything in one place and it’s distributed to all the apps, obviously each one with its brand layout, its colors, its typography, its experience. ยป
As iupana reported, BNPL is gaining ground in Latin America, where even big banks like Peru’s BCP and Argentina’s Banco Galicia are getting in on the act.
Last month, PYMNTS reported how Kontempo has raised $30 million in a seed round to continue expanding its BNPL solution for B2B transactions in Latin America.
Read on: Kontempo raises $30 million to expand BNPL for B2B transactions in Latin America
FinTech will use the capital to expand its team, develop its trading network and improve its technology. Previously, the company had 26 trading partners in Mexico, who between them sell to approximately 100,000 small and medium-sized enterprises (SMEs) that can use the BNPL product.
In Argentina, allowing users to apply for a BNPL loan through the MODO app creates an opportunity for banks to capitalize on the growing popularity with Argentine consumers. Since its launch in 2020, the mobile wallet has attracted more than 3 million users and has been adopted by 400,000 stores across the country, reports neobanking.
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