The Financial Espresso "Mastercard & Will; Desenrola 2.0, Import tax; It..."

Research evidence excerpt

The Financial Espresso "Mastercard & Will; Desenrola 2.0, Import tax; It..."

Global Research

25 May 2026ab

The Financial Espresso Equities

Latin AmericaMastercard & Will; Desenrola 2.0, Import tax;

Itaúsa & Copasa; El Niño & BBSE; Inter in Financial

crypto; BRB's deposits; Arg tax reform KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

Mastercard proposes to pay only half of Will Bank's card flows and angers Thiago Batista, CFA

Analystacquirers

thiago.batista@ubs.com

According to Valor, Mastercard, which served as the card network for Will Bank- +55-11-3513 6518

issued cards, has proposed to acquirers to cover only half of the payment flows from

Camila Azevedo

the institution that was liquidated by the Central Bank in January. This proposal has

Associate Analyst

caused frustration among acquirers, who argue that they should be fully camila.azevedo@ubs.com

reimbursed. According to sources familiar with the matter, Mastercard fulfilled the +55-11-2767 6881

upfront payments for card transactions, which are transferred to merchants within

Bruno Kenji

28 days (D28) and represent approximately half of Will Bank's total transaction

volume. This action was taken immediately after the bank's liquidation. Now, bruno.kenji@ubs.com

Mastercard is reportedly suggesting that acquirers share half of the total losses. +55-11-2767 6056

Given that the delinquency rate for Will Bank's cards is estimated at around 50%, in

Olavo Arthuzo

practice, Mastercard would not provide any additional compensation to the

Analyst

payment terminals beyond the D28 flows already reimbursed. Our take: We note olavo.arthuzo@ubs.com

that, as indicated by the article, Cielo stated that it remains confident that, under +55-11-2767 6306