The Buy Now, Pay Later (BNPL) model continues on an upward trajectory in the global landscape and is gaining momentum in Brazil as well. In 2023, the global transaction volume via BNPL reached $316 billion—an 18% increase from the previous year—with an annual growth projection of 9% until 2027, reaching $452 billion in transaction volume, according to data from the Global Payments Report, 2024.
This trend is already impacting consumer behavior and the payments sector, driving the integration between BNPL and traditional credit by banks, technology companies, retailers, and regulators. In Brazil, Koin—a fintech specialized in simplifying digital commerce—has stood out as a pioneer and leader in developing this model, offering customized solutions for the digital consumer journey and the reality of the national retail market.
In Latin America, the scenario is one of development. In 2023, BNPL represented only 1% of the regional e-commerce transaction volume. However, projections point to accelerated growth, with an annual rate of 35% between 2023 and 2026, according to data from PCMI (Digital Payments and E-commerce in Latin America 2023-2026).
In Brazil, the model is also gaining momentum. A Morgan Stanley study based on 150 e-commerce websites revealed that 18% already accepted BNPL in the first quarter of 2024. Although this number is still modest compared to markets like Mexico and the United States, the trend points to significant expansion.
‘This growth is strongly driven by consumer behavior, as they increasingly seek flexibility and payment options that fit their needs. At Koin, we are focused on offering secure and accessible solutions, allowing more people to have control over their purchases without compromising their budget,’ explains Raphael Valente, Chief Risk Officer at Koin.
Additionally, in Brazil, the environment is especially favorable. The installment culture has deep roots, dating back to the 1980s and 1990s, during a period of economic instability and scarce credit. With the consolidation of e-commerce, the widespread adoption of Pix, and barriers to accessing credit via card, BNPL emerges as an evolution of this behavior—more flexible, digital, and accessible. ‘Installments have always been part of Brazilian consumer habits. BNPL modernizes this experience, making credit access simpler, more inclusive, and tailored to the needs of digital consumers,’ states the executive.
This movement occurs amid the growing digitization of payment methods in the country. According to the Febraban Banking Technology Survey (2024), seven out of ten banking transactions in Brazil are conducted via mobile devices—a 251% jump between 2019 and 2023. Furthermore, 72% of digital users are considered heavy users, conducting over 80% of their transactions through digital channels. Contactless payment, for example, was adopted by 61% of card users in 2024, up from 48% the previous year, according to ABECS data.
In this context, the executive highlights that Koin was founded with the purpose of democratizing access to responsible consumption. ‘Today, besides being a reference in the BNPL sector, we work to foster a healthy credit ecosystem in Brazil, in partnership with retailers and financial market players,’ reinforces Koin’s CRO, emphasizing the fintech’s strategic role in the model’s development in the country.
With strong retail expertise, cutting-edge technology, and a focus on customer experience, Koin continues to lead the adoption of BNPL in Brazil, contributing to making credit more accessible, secure, and integrated with consumers’ new digital reality.
