title: Brazil — Merchant Acquiring & Risk | World Payments Monitor canonical: https://payments.gi/jurisdictions/brazil/w8/ publisher: Asymmetric Intelligence ### W8 Merchant Acquiring & Risk Probable confirmed 2026-06-23 Acquiring is governed by accreditation agreements between acquirers/sub-acquirers and merchants and by BCB scheme/interchange rules. Acquirers and sub-acquirers (the latter not card-network members) capture, process, settle and credit merchant transactions and handle chargebacks; the MDR (including interchange) is the merchant cost. The 2023/2024 interchange reform harmonised prepaid settlement to the 2-day debit cycle, materially improving merchant liquidity in a high-base-rate environment. Card chargebacks are issuer-mediated consumer-protection reversals, distinct from Pix's MED. Standing sub-brief · as of 23 June 2026 190 words · last cycle 2026-06-23 #### Merchant Acquiring & Risk The Brazilian acquiring framework governs merchant acquiring and risk through acquirer and sub-acquirer accreditation agreements combined with BCB scheme and interchange rules. The merchant discount rate (MDR), inclusive of interchange, is a merchant cost. The 2023/24 prepaid settlement harmonisation to the two-day debit cycle improved merchant liquidity. Card chargebacks, which are issuer-mediated, are distinct from the Pix Special Return Mechanism (MED). A structural feature shapes the competitive dynamics: sub-acquirers are not card-network members and process at low cost across brands, positioning them as a disruption vector against bank-controlled acquirers. On the Pix side, MED debits the recipient merchant's settlement and offers no merchant evidence-submission process, a materially different risk profile from card chargebacks. Together these mechanics define the acquirer and sub-acquirer settlement, chargeback and MDR economics that govern merchant-acquiring P&L in Brazil. The framework spans both bank-controlled acquirers and non-bank sub-acquirers, with the sub-acquirer model the principal non-bank entry route into merchant acquiring. #### Outlook The trajectory is established. Settlement harmonisation and the sub-acquirer competitive model are settled features. The principal forward tension is the prepaid-interchange classification question, tracked under W7, which bears directly on acquiring economics. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T2 [https://www.sec.gov/Archives/edgar/data/1841644/000121390026001029/ea0201690-17.htm](https://www.sec.gov/Archives/edgar/data/1841644/000121390026001029/ea0201690-17.htm) retrieved 2026-06-23 2. T3 [https://www.vixio.com/insights/pc-fair-and-correct-pagbrasil-ceos-verdict-new-interchange-rules](https://www.vixio.com/insights/pc-fair-and-correct-pagbrasil-ceos-verdict-new-interchange-rules) retrieved 2026-06-23 3. T1 [https://www.bcb.gov.br/conteudo/eventos/Documents/Conferencia_anual_bc/2024/3B_3A_TIAGO_CAVALCANTI_A_CommentsAcquirers.pdf](https://www.bcb.gov.br/conteudo/eventos/Documents/Conferencia_anual_bc/2024/3B_3A_TIAGO_CAVALCANTI_A_CommentsAcquirers.pdf) retrieved 2026-06-23 4. T3 [https://docs.ebanx.com/docs/payments/guides/after-payments/med-pix-overview/](https://docs.ebanx.com/docs/payments/guides/after-payments/med-pix-overview/) retrieved 2026-06-23