The merchant acquiring market may have experienced disruption with the arrival of new players , but incumbents remain strong and are expanding their offerings.
Research from UBS BB showed that Rede was the company that gained the most market share in January, both in number of users and in volume processed.
Itaú 's acquiring company recorded the largest user growth, with a 5 percentage point increase compared to the previous year, reaching 25% market share and achieving third place in the ranking.
Cielo came in first place with 28%, gaining 2 percentage points compared to the same period last year, followed by PagBank with 26% and an increase of 2 percentage points.
Rede also came in first place in terms of transaction volume, with an 18% share, an improvement compared to 2024 when it was in fourth place. Cielo and PagBank are tied for second place, with 17%.
According to analysts Kaio Prato, Camila Azevedo, Bruno Kenji, and Thiago Batista, the growth of the Rede network reflects commercial initiatives by banks to expand offerings to retailers.
“We see that banks are strengthening their role as a key distribution channel, reflecting initiatives by Rede and Cielo to promote integrated acquisition and banking services offerings,” says an excerpt from the report. “In fact, bundled strategies are gaining traction, but execution remains uneven.”
Not all banks achieved the same success. According to analysts at UBS BB, Santander's GetNet saw a 3 percentage point drop in the number of users, now holding a 9% market share. Transaction volume fell by 2 percentage points, with the company's market share dropping to 5%.
In the case of Stone , which has established itself as one of the largest independent names, with a market value of US$3.6 billion, the report indicates that the company lost 2 percentage points, with its market share reaching 22%, the fourth largest in the sector. The company also saw its transaction volume fall by 2 percentage points, to 15%.
Regarding independent providers, UBS BB found a drop in the number of users who say they use these companies' digital accounts – from 46% a year ago to 40%. Analysts say usage is restricted to transactions, with money being transferred to other accounts.
Mercado Pago shows the best results, with 73% of those who have the card reader also using other financial products from the company.
Furthermore, Mercado Libre 's digital bank was the second company that gained the most users – 3 percentage points, with its market share reaching 14% in January. In terms of processed volume, its share increased from 7% in December 2024 to 9%.
