The Financial Espresso: XP Pay and corporate card; MELI financial bills; NU Empresas; Agricultural machinery credit, Argentina‘s rating

Research evidence excerpt

The Financial Espresso: XP Pay and corporate card; MELI financial bills; NU Empresas; Agricultural machinery credit, Argentina‘s rating

Global Research

22 July 2026ab

The Financial Espresso Equities

Latin AmericaXP Pay and corporate card; MELI financial

bills; NU Empresas; Agricultural machinery Financial

credit, Argentina's rating KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

XP enters merchant acquiring and launches corporate card with up to 1.2% Thiago Batista, CFA

Analyst'investback'

thiago.batista@ubs.com

According to Valor, XP will enter the merchant-acquiring segment with XP Pay, +55-11-3513 6518

offering card and Pix payment terminals to SMEs through a partnership with Fiserv.

Camila Azevedo

Per the report, the terminals will use Clover technology, while Fiserv will hold the

Associate Analyst

acquiring license and XP will define the commercial conditions. XP is also reportedly camila.azevedo@ubs.com

launching a Visa corporate credit card with no annual fee and 'investback' of up to +55-11-2767 6881

1.2% of spending, automatically invested in a DI fund. The initial focus will be XP’s

Bruno Kenji

base of approximately 100k active business clients, including SMEs with annual

revenue of up to R$30mn and middle-market companies with revenue of up to R bruno.kenji@ubs.com

$500mn. Our take: We note that the initiatives expand XP’s product offering for +55-11-2767 6056

business clients and mark its entry into payment acceptance. The launch may

Beatriz Shinye

increase competition in the Brazilian payments industry, particularly for players

such as STNE and PAGS serving small and medium-sized merchants. See here our beatriz.shinye@ubs.com

payments preview and payments tracker. +55-11-2767 6569