As Brazil fintech players eagerly await the arrival of Pix Parcelado, revolutionary installment purchases without a credit card, BNPL gains extra traction in the country. Here’s what you should know.
Brazil has one of the strongest buy now pay later (BNPL) markets in LATAM, which has witnessed a CAGR (compound annual growth rate) of about 22.5% between 2021-2024. Although the accelerated surge may be over, per industry reports, a “steady growth” phase expected up to 2030 promises the country BNPL development of between 10%-14% a year. By the end of 2030, the BNPL sector is projected to expand to approximately $7.43 billion, almost doubling its 2024 value of slightly over $4 billion.
What Defines Brazil BNPL Market
Brazil’s BNPL market is a vibrant mix of fast-growing fintechs, both big and small, leveraging deep Pix adoption, and a push to move pay-later options out of pure e-commerce and into everyday offline services. Leading local fintech players like PicPay, Mercado Pago and Nubank are embedding BNPL into their digital wallets while startups focus on select verticals (like healthcare, dental, B2B) to stand out.
Meanwhile, Brazilian regulators, and especially the Central Bank’s Pix Parcelado rollout are reshaping BNPL product design and timing. The new settings will update disclosure, operational and pricing rules that will force BNPL products to be more transparent and technically integrated with Pix – one of the most popular instant payment systems globally.
At the same time, credit risk attached to dealing with a large share of underbanked consumers keep lenders cautious.
In this respect, incumbents with lots of user data and payments reach are benefitting as they have greater alternative scoring potential, leveraging customer app/transaction data, and merchant history. Meanwhile, many emerging BNPL startups chose a certain niche to develop their services in a more targeted way.
Therefore, Brazil’s BNPL market features not only plenty of opportunities, but also high scrutiny and lots of competition.
Key BNPL Players of Brazil and What They Offer
At present, Brazil BNPL market has several distinguished participants, who offer local citizens a privilege of flexible installment payments for different types of purchases.
PicPay
Founded: 2012
Users: ~60M
PicPay is a super-app with an embedded digital wallet that mixes P2P, QR payments, cards and credit. Its BNPL-style products come in the form of in-app credit, merchant installment flows, and deep Pix/QR integrations. To avail those services, users need just a simple tap of a QR code or choosing PicPay at checkout. The service has good merchant reach and a mobile-first UX, though underwriting and credit limits apply per user.
Mercado Pago
Founded: 2003 (as part of MercadoLibre)
Users: ~64M MAUs
Mercado Pago offers “parcelado” at checkout, point-of-sale financing, and Mercado Crédito (credit lines and consumer loans). BNPL is tightly embedded into MercadoLibre’s marketplace and merchant network. These flexible payment options are just one-click away at checkout for millions of shoppers and numerous merchants on the platform.
Nubank (Nu)
Founded 2013;
Users: 118M customers
Nubank’s BNPL offering comes via card installment features, in-app credit and personal loans. These offers are generally available for Nu customers and shown directly inside the app. The BNPL experience with Nubank is smooth and friction-free for existing account holders. They can enjoy one-tap offers and split payments on the card. However, underwriting depends on customer history. Nubank leverages its own NuScore – an alternative credit scoring tool that rates customers’ creditworthiness using additional factors like card use, savings in Caixas accounts, and debt levels, along with common bureau data.
Capim
Founded: 2021
Users: 60k patients served
Capim is a so-called vertical BNPL. It finances dental procedures with flexible installments, getting BNPL integrated into clinics’ workflows. Partner clinic staff present Capim financing options at point of sale and patients, including those without credit cards, can sign up digitally. This financing model often helps convert dental procedures that otherwise wouldn’t happen.
RecargaPay
Founded: 2010
Users: ~12M
RecargaPay is a Brazilian payments super-app that features top-ups, bill pay, card payments, and loans. Its credit and installment features let users access short-term loans and split payments inside the app. Since it targets mass and underbanked consumers, the product focuses on simple in-app flows and alternative onboarding, making BNPL-style offers accessible to customers who don’t have or want a traditional credit card.
Cleo
Founded in 2016
Users: unknown
This fintech is actively expanding in LATAM. Cleo provides merchant-facing BNPL tooling and consumer finance products. In the region, namely, Chile and Brazil (through its sister company Lara), the company offers easy installment checkout widgets and merchant SDKs, plus consumer-facing finance nudge.The service has lightweight integration for merchants and a frictionless buy-now-pay-later checkout for shoppers.
ADDI
Founded: 2018
Users: 2M and more than 20K merchants
ADDI has issued millions of loans across LATAM. It is a BNPL and merchant-finance provider that integrates at checkout (both online and in-store), offers flexible installments (including Pix-based installments in some cases), and supplies merchant financing/receivables. The service is merchant-centric (plug-and-play) built for retailers who want to convert more sales without carrying credit risk on their balance sheet.
Dinie (DiniePay)
Founded: 2019
Users: exact number unknown, over 1,500 loans granted in early years
Dinie is an API-first embedded lending fintech focused on providing credit and BNPL solutions primarily for small and medium-sized businesses in Brazil. The fintech company targets platforms and MSMEs, offering embedded credit and BNPL-style pay-later options through APIs so marketplaces and SaaS players can present financing at checkout.
Why Brazilians Love BNPL
In Brazil, paying in installments isn’t just a payment option but part of the cultural fabric. This habit is born out of decades living with inflation and economic instability, which taught consumers to stretch payments over time rather than front large sums.
Brazil, therefore, has a high level of demand for affordability, trust in local payment practices, and a large segment of consumers who either lack credit cards or prefer alternatives. BNPL or parcelamento options fill that gap.
Merchants benefit from these preferences too. Adding installments often means higher conversion, more frequent sales, and better alignment with what Brazilian consumers expect at checkout.
EBANX recent research shows that offering installments can lift average order values significantly (in some cases nearly doubling them) and boost return purchase rates because many shoppers rely on these methods to access more expensive goods without hurting monthly cash flow.
Thus, offering installments boosts weekly revenue by about 40% for global companies operating in Brazil. In the LATAM gaming sector, using installments almost doubles Average Order Value (AOV), bringing about a 98% increase compared to single-payment transactions.
What Is Pix Parcelado And What Would It Change for Brazilian BNPL?
Pix Parcelado is the Central Bank’s next big step for payments in Brazil, set to launch in September 2025. It will let people split purchases into installments directly through Pix, while merchants still get the money upfront. For regulators, the challenge is making sure it’s safe: they’ll need to set clear rules on fees, credit risk, and consumer protection so people don’t end up over-indebted while still keeping Pix’s trademark speed and low cost.
For merchants, the change could be huge. With Pix Parcelado, they’ll be able to sell higher-ticket items to customers who otherwise couldn’t afford them in one shot. Since the full amount lands instantly in the merchant’s account and Pix fees are lower than card fees, the model could improve both sales and cash flow. The catch is that stores will need to adapt their checkout systems and work with banks or fintechs that support the new feature.
For customers, it’s all about access and convenience. Many Brazilians don’t have credit cards, or they want to avoid the high interest that comes with them. Paying in installments via Pix gives them flexibility with a tool they already use every day. Done right, Pix Parcelado could make BNPL more inclusive and transparent, though people will still need to be careful not to overextend their budgets.
Why That Matters: Summary
Brazil’s BNPL market is poised for a major boost with the arrival of Pix Parcelado. By allowing consumers to split payments directly through Pix while merchants receive funds instantly, the new system combines convenience, speed, and low cost.
For merchants, it promises higher sales, better cash flow, and access to customers who previously couldn’t afford bigger purchases. For consumers, it offers flexibility, greater financial inclusion, and the security of a regulated payment channel.
Backed by strong fintech adoption, cultural familiarity with installments, and robust alternative credit scoring tools, Brazil’s BNPL sector is entering a phase of steady growth, higher adoption, and more competition, setting the stage for a brighter future for both merchants and shoppers.
