New regulations open Brazil's $150 billion corporate benefits market to BTG Pactual and C6 Bank
New Brazilian rules ban large operators from closed payment systems, forcing a shift to interoperable infrastructure. Major players like Vale-refeição are now competing with traditional banks.
Regulatory changes in Brazil have fundamentally altered the corporate benefits sector by banning large operators from using exclusive payment arrangements. The new Decree 12.712, effective in 2025, mandates that benefit cards operate on unified, open infrastructure where terminals are connected to a single network. This rule prohibits big players with over half a million clients from contracting individually with specific restaurants or supermarkets. Previously, workers often had to verify if their meal allowance card worked at a local shop, but the new system ensures all devices connect to the same interoperable grid. The regulation also caps interest rates and requires payments be transferred to food vendors within fifteen days instead of longer periods. These reforms lowered entry barriers for traditional financial institutions like BTG Pactual and C6 Bank, which are now entering the market alongside established benefit companies such as Alelo, Pluxee (formerly Sodexo), VR Benefícios, and Ticket. The entire sector moves roughly R$ 150 billion annually. While the original text mentions these changes benefit flexible benefits companies specifically, it does not provide further details on how those specific firms are adapting compared to the new banking entrants.
