Brazil Buy Now Pay Later Business and Investment Opportunity Report 2026: An $11.75 Billion Market by 2031 – Nubank, Banco Inter, and C6 Bank Embed Credit, While Mercado Pago & Retailers Extend Reach

Dublin, Feb. 04, 2026 (GLOBE NEWSWIRE) — The “Brazil Buy Now Pay Later Business and Investment Opportunities Databook – 90+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2026 Update” report has been added to ResearchAndMarkets.com’s offering.

The BNPL payment market in Brazil is expected to grow by 22.4% on annual basis to reach US$5.68 billion in 2026. The buy now pay later market in the country has experienced robust growth during 2022-2025, achieving a CAGR of 32.7%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 15.6% from 2026-2031. By the end of 2031, the BNPL sector is projected to expand from its 2025 value of USD 4.64 billion to approximately USD 11.75 billion.

BNPL in Brazil is expected to consolidate around banks, large fintechs, marketplaces and major retailers with balance-sheet capacity. Pix Parcelado will intensify competition by giving banks a low-cost rail to rival card instalments and fintech BNPL products. Standalone BNPL players will face pressure to specialise or partner with ecosystem platforms.

Current State of the Market

• BNPL in Brazil is expanding through multiple models: traditional crediario digital offered by retailers, bank-backed instalment products, and fintech-enabled BNPL embedded in ecommerce checkouts. Adoption is supported by Pix’s ubiquity and the Central Bank’s roadmap for Pix Parcelado, which will bring instalment functionality into the instant-payment rail.
• Competitive intensity is rising because ecommerce platforms, marketplaces, banks and PSPs are all distributing BNPL at scale. Retailers such as Magazine Luiza and Riachuelo continue to run proprietary credit programmes, while fintech-led products compete directly with credit-card instalments, which remain the dominant financing mechanism in Brazil.

Key Players and New Entrants

• Digital banks such as Nubank, Banco Inter, and C6 Bank are central players due to embedded credit within their payment flows. Nubank’s NuPay is positioned for large-scale distribution through ecommerce partners, while Banco Inter integrates instalments into its super-app environment. Retailers, including Magalu and Riachuelo (Midway), remain influential in offline-to-online credit because of their captive customer bases.
• Fintechs such as Koin, Mercado Pago, and PagBank continue to provide BNPL or instalment-style credit within marketplace and wallet ecosystems. There have been limited new standalone BNPL entrants in the past year, reflecting higher funding costs and growing regulatory expectations.

Key Trends and Drivers

BNPL channels shift instalment credit away from traditional cards in ecommerce

• BNPL in Brazil is essentially “parcelamento fora do cartao” and digital crediario offered by retailers and fintechs at checkout. It is moving from a niche option to a mainstream online payment method. Industry surveys cited by Exame and other outlets show that BNPL options are now available on roughly 6 in 10 major ecommerce sites, while digital crediario operated directly by retailers (Magalu, Riachuelo/Midway, etc.) is available in more than a third of online stores.
• In some large chains, off-card instalments already account for up to 20% of ecommerce revenue, signalling a structural reallocation of financed sales from card issuers to merchant- and fintech-led BNPL models.
• BNPL lets merchants offer instalments to consumers who may not have sufficient card limits or prefer not to use them, widening the addressable demand without depending solely on card schemes. Card issuers have shortened interest-free instalment tenors and increased effective costs in response to funding and regulatory pressures, pushing retailers to seek alternative credit rails that preserve conversion rates and ticket sizes.
• The rapid adoption of Pix and digital wallets at checkout lowers the operational barrier to offering BNPL and crediario directly in ecommerce flows, rather than via separate credit contracts.
• BNPL is likely to become a standard option in Brazilian ecommerce, with off-card instalments capturing an increasing share of financed online sales from traditional credit cards. Merchant-owned credit (crediario digital) and white-label BNPL partnerships will gain weight, particularly among large retailers that can fund receivables via FIDCs and securitisation and accept higher credit risk in exchange for control over pricing and customer data.

Pix infrastructure embeds BNPL into account-to-account rails

• Pix has become effectively universal in Brazilian ecommerce checkouts, matching credit cards in availability, while BNPL products have grown alongside it. The Central Bank is now formalising Pix-based instalments (“Pix Parcelado/Pix Garantido”), creating a native, bank-backed way to replicate the “compre agora, pague depois” experience over instant payments. Reuters reports the launch of Pix Parcelado for September 2025, allowing consumers to pay in instalments while merchants receive funds upfront.
• Fintechs and PSPs are already piloting Pix-based instalment products ahead of the full regulatory rollout, effectively offering BNPL via Pix even before the official standard is live. Pix’s ubiquity and low cost make it a natural base for instalment credit: it offers real-time settlement for merchants and lower transactional frictions than card schemes. For banks and fintechs, Pix Parcelado offers an opportunity to compete directly with card instalment and BNPL providers, leveraging infrastructure overseen by the Central Bank and supported by clearer risk, settlement, and dispute-handling frameworks.

Banks and large platforms embed BNPL into ecosystems and marketplaces

• BNPL in Brazil is shifting from standalone widgets to embedded credit features inside banking apps, digital wallets and large marketplaces. Nubank’s NuPay, for example, is being integrated directly into Amazon Brasil’s checkout to offer additional credit limits and BNPL instalments of up to 24 times for eligible customers, with underwriting executed in real time at the time of payment.
• Digital crediario and BNPL are also being built into proprietary ecosystems of major retailers (e.g., MagaluPay, Midway at Riachuelo), where credit decisions, loyalty programmes and ecommerce journeys are tightly linked. Large platforms and banks have the customer data, balance sheet and distribution needed to scale BNPL while managing risk and compliance; embedding BNPL into existing apps reduces acquisition costs and leverages established authentication and KYC.
• Marketplaces and super-apps are under pressure to increase conversion and basket size amid constrained consumer budgets; instant credit at checkout is a direct lever. The Amazon-Nubank tie-up is explicitly framed as a strategy to strengthen competitiveness versus Mercado Livre and Shopee. PSPs and gateways are facilitating BNPL distribution as another “payment method” in merchant stacks, making it easier for large platforms to plug in bank- or fintech-owned BNPL offers.

Household debt pressures and policy scrutiny reshape BNPL risk appetite

• Brazilian households are facing record levels of indebtedness and debt-service burden. Central Bank data cited by CNN Brasil show family indebtedness around 49% of income and the cost of servicing debts at historic highs in late 2025.
• The share of families in arrears has reached about 30.5%, the highest level since the CNC series began, with credit-card debt highlighted as a key driver of stress. Interest on revolving credit cards has climbed above 450% per year, and delinquency on these lines exceeds 60%, underscoring the fragility of existing short-term credit models.
• BNPL providers in Brazil are likely to tighten underwriting, rely more on income and transactional data (including open finance), and steer products towards pre-qualified customers and defined use cases (e.g., ecommerce and durable goods rather than recurrent everyday spending). Regulatory guidance is likely to converge with that for other consumer-credit products, emphasising clearer disclosures, affordability checks and robust arrears-management practices, especially for Pix-based instalments supervised directly by the Central Bank.
• Growth in BNPL volumes should continue, but with more emphasis on sustainable risk-adjusted returns. Highly aggressive, fee-driven BNPL models that rely on very high implicit interest rates or opaque charges are likely to face greater scrutiny and may lose space to regulated, bank-backed propositions.

Key Attributes:

Companies Featured

• Mercado Pago
• PagSeguro
• Addi
• RecargaPay
• Tino

For more information about this report visit https://www.researchandmarkets.com/r/vilkp0

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• Brazilian Buy Now Pay Later Market