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The future of finance in LatAm & the Caribbean

June 16, 2021

Neon acquires payroll lender; Argentine banks launch digital wallet; Cash usage falls in Latam

Nov 27, 2020

Billetera digital

#TopNews: Here’s what you need to know this week in digital banking and fintech in Latin America


30 Argentine banks launch digital wallet “MODO”

About thirty banks in Argentina have joined the MODO electronic wallet, the sector’s bet to compete with fintechs, and especially with Mercado Pago. The most recent entity to join the platform was Banco Nación, which could accelerate and catapult adoption, as it is the largest in the country.

Neon buys Consiga+ to offer loans

The Brazilian digital bank Neon has just acquired Consiga+, a payroll lending startup, to add the service to its roster of in-app functions. Consiga+ already has more than 430,000 clients and an approximate portfolio of more than US $ 28 million.

Latin Americans use less cash

The use of cash has fallen by 12% in Latin America this year, according to a study by Mastercard, which reveals a change in the habits of consumers due to COVID-19. The greatest decrease was in Chile, by 17%.

See also: Beyond an account: The challenges of financial inclusion in Latin America

Accendo Banco joins fintech Nium to increase cross-border payments

Mexican branchless bank Accendo teamed up with Nium, a fintech that facilitates cross-border payments. With the agreement, the digital bank plans to offer remittances services and expand its capacity for international money transfers in real time, with lower fees.

Agrofy Pay, a new digital payment method with an agricultural focus

Argentina has a new digital payments platform for the agricultural sector. “Agrofy Pay” accepts payments with rural credit cards and offers financing lines tailored to agricultural producers. The product was developed by Agrofy, a marketplace for agriculture, which has about six thousand registered businesses.

See also: Financial inclusion in Mexico: Digital payments struggle to take off

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