La Derecha Diario MODO seeks to compete with Mercado Pago in international payments
The Argentine wallet will be able to operate in Brazil, Uruguay, and Paraguay thanks to COELSA
A new COELSA infrastructure will allow Argentine virtual wallets to operate outside the country. MODO is emerging as the first to take advantage of this technological breakthrough.
The goal is to offer simple and secure international payments, directly competing with Mercado Pago and other fintech companies in the regional market.
The Mercosur QR and banking interoperability
COELSA announced that its new technology connects people, banks, and wallets without borders. This way, MODO will be able to enable purchases abroad for users of local banks.
The first step will be Brazil, using the instant payment system PIX. Instead of cryptocurrencies, the traditional banking system will be used with account balances, in pesos or dollars.
Next stops: Uruguay and Paraguay
After Brazil, MODO plans to expand to Uruguay with its local counterpart, TOKE. Paraguay will be the fourth nation to join the scheme, although it is still further behind.
The expansion will depend on the demand from Argentines traveling abroad. A significant advance is expected by summer, coinciding with the evolution of PayPal World.
Competition with Mercado Pago and Revolut
COELSA's new service will allow MODO to compete with Mercado Pago and European digital banks such as Revolut. The aim is to offer agile and secure cross-border payments.
Experts emphasize that interoperability will be key to attracting users seeking fast, simple, and cost-effective options in the face of local taxes.
The challenge of cross-border payments
The system also seeks to facilitate payments from foreigners in Argentina using their local wallets. Some fintech companies and payment platforms are already implementing this.
The effectiveness will depend on tax incentives and the development of a secure ecosystem that benefits both tourists and local businesses.
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