EBANX and Pagaleve launch Pix 4x in Brazil to let 60 million consumers pay in installments without a credit card

EBANX has partnered with Pagaleve to launch Pix 4x, a BNPL (Buy Now, Pay Later) product that splits purchases into four biweekly installments using Pix. For PSPs and merchants in Brazil, the point is simple: this takes a deeply familiar installment behavior and removes the card requirement that blocks a large chunk of the market.

1. Installments are already part of the Brazilian checkout habit. Serasa Experian says 70% of consumers use installment payments, while Pix is used by 96% of the adult population. Pix 4x combines those two behaviors, letting consumers pay in four biweekly installments without a credit card.
2. EBANX says the product gives global companies access to the 60 million people in Brazil who do not own a credit card, according to the country’s Central Bank, as well as consumers with low credit limits. In practice, that widens the addressable market for merchants that need a local payment method with installment functionality.
3. EBANX’s Director of Product, Sebastian Fantini, said the setup combines Pagaleve’s risk engine with EBANX’s global merchant network and Pix’s ubiquity. Eduardo Zucareli, Chief Commercial Officer of Pagaleve, said the model does not require consumers to have a credit card or available limit to split a purchase into installments.
4. EBANX analysis based on Payments and Commerce Market Intelligence (PCMI) data projects Brazil’s digital commerce market will reach USD 516 billion by 2028, up 54% from USD 336 billion in 2025. The same analysis says Brazil’s BNPL sector is gaining traction alongside that growth.
5. PCMI data analyzed by EBANX projects e-commerce spending tied to BNPL in Brazil will reach USD 2.7 billion by 2028, with an 8% compound annual growth rate from 2024 to 2028. EBANX’s internal data in the Beyond Borders 2026 study says installments can raise Average Order Value (AOV) in Brazil by up to 2.7 times, while retailers using the option saw average revenue growth of 20% and SaaS providers saw peaks of 22.5%.

There is also a useful market signal here for payment providers: Brazil is not a “card-first” installment market pretending to be one. Last year, 47% of transaction value in e-commerce was processed through installments, and PCMI placed Brazil second among the 15 emerging markets it analysed, behind Argentina at 60%. For merchants and PSPs, that is the sort of payment behavior you design for, not around.