PagSeguro Digital Ltd. (PAGS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los pagos digitales, Pagseguro Digital Ltd. (PAGS) se ha convertido en una fuerza transformadora en el panorama FinTech de Brasil, revolucionando cómo las pequeñas empresas y empresarios acceden a los servicios financieros. Con un enfoque centrado en el láser para servir a los mercados de bajo banco, esta plataforma innovadora ha creado un modelo de negocio sofisticado que combina sin problemas tecnología de punta, soluciones de bajo costo y experiencias de pago digitales fáciles de usar. Al dirigirse estratégicamente a los micro-ferios y a los consumidores digitales, Pagseguro no solo ha creado un servicio de procesamiento de pagos, sino un ecosistema financiero integral que capacita el vibrante espíritu empresarial de Brasil.

Pagseguro Digital Ltd. (PAGS) - Modelo de negocios: asociaciones clave

Instituciones financieras y bancos para el procesamiento de pagos

Pagseguro ha establecido asociaciones con las siguientes instituciones financieras:

Banco de socios	Detalles de la asociación
Banco do Brasil	Integración de procesamiento de pagos
Itaú unibanco	Liquidación de pago digital
Bradicio	Servicios de compensación de transacciones

Plataformas de comercio electrónico y mercados en línea

Las asociaciones estratégicas incluyen:

• Mercado Livre
• B2W Digital
• Via Varejo

Proveedores de tecnología para soluciones de pago digital

Proveedor de tecnología	Enfoque de colaboración
Visa	Integración de la red de pago
Tarjeta MasterCard	Seguridad de transacciones digitales
Pago de Google	Soluciones de pago móvil

Operadores de redes móviles

• Telefônica brasil
• Tim Brasil
• Claro

Redes de pago locales e internacionales

Red	Alcance de la asociación
Cielo	Infraestructura de procesamiento de pagos
Consejo	Autorización de transacciones
Pagos globales	Apoyo de transacciones internacionales

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: actividades clave

Procesamiento de pagos digitales y gestión de transacciones

Pagseguro procesó 1.400 millones de transacciones en 2022, con un volumen de pago total de R $ 295.7 mil millones. La tarifa de procesamiento de transacciones promedió 1.99% por transacción.

Métrico de transacción	Rendimiento 2022
Transacciones totales	1.400 millones
Volumen de pago total	R $ 295.7 mil millones
Tarifa de transacción promedio	1.99%

Desarrollo de software FinTech y soluciones de pago móvil

Pagseguro invirtió R $ 276.4 millones en investigación y desarrollo en 2022.

• Aplicación de pago móvil con 15.5 millones de usuarios activos
• Plataforma de banca digital que atiende a 6.3 millones de clientes
• Más de 250 ingenieros de software dedicados al desarrollo de la plataforma

Adquisición de clientes e incorporación de comerciante

Pagseguro agregó 295,000 nuevos comerciantes en 2022, llegando a una base de comerciante total de 2.1 millones.

Métrica de adquisición de comerciantes	Rendimiento 2022
Nuevos comerciantes agregados	295,000
Base de comerciante total	2.1 millones

Gestión de riesgos y prevención de fraude

Pagseguro desplegó algoritmos avanzados de aprendizaje automático para detectar transacciones fraudulentas, reduciendo las pérdidas de fraude al 0.12% del volumen total de pago.

• Tasa de precisión de detección de fraude: 99.88%
• Sistema de monitoreo de transacciones en tiempo real
• Algoritmo de calificación de riesgo de propiedad

Innovación tecnológica y mantenimiento de la plataforma

El tiempo de actividad de la infraestructura tecnológica mantenida en 99.97% en 2022.

Métrica de rendimiento tecnológico	Rendimiento 2022
Tiempo de actividad de la plataforma	99.97%
Inversión en infraestructura tecnológica	R $ 198.6 millones

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: recursos clave

Infraestructura de tecnología de pago avanzada

La infraestructura tecnológica de Pagseguro incluye:

• Sistema de procesamiento de pagos basado en la nube con tiempo de actividad del 99.99%
• Capacidades de procesamiento de transacciones en tiempo real
• Manejo de la pasarela de pago patentado por más de 500 millones de transacciones anualmente

Componente de infraestructura	Capacidad/especificación
Centros de datos	3 instalaciones redundantes en Brasil
Velocidad de procesamiento de transacciones	Menos de 500 milisegundos por transacción
Volumen de transacción anual	Más de 1.200 millones de transacciones

Plataformas de pago digital y aplicaciones móviles

Especificaciones de plataforma móvil y digital:

• Aplicación móvil con 15 millones de usuarios activos
• Billetera digital que admite múltiples métodos de pago
• Integración de API con más de 50,000 plataformas comerciales

Gran red de comerciantes y consumidores en Brasil

Métrico de red	Cantidad
Comerciantes registrados	1.5 millones
Usuarios de pagos digitales activos	39.1 millones
Penetración del mercado en Brasil	22.4% del mercado de pagos digitales

Análisis de datos y capacidades de aprendizaje automático

Recursos de análisis avanzados:

• Modelos de aprendizaje automático Procesamiento 2.5 petabytes de datos de transacciones mensualmente
• Algoritmo de detección de fraude con una precisión del 99.6%
• Plataforma de análisis predictivo que cubre la evaluación de riesgos comerciales

Tecnología calificada y profesionales financieros

Categoría profesional	Número
Total de empleados	2,800
Profesionales de la tecnología	1,200
Científicos de datos	180
Experiencia promedio de los empleados	6.5 años

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: propuestas de valor

Soluciones de pago digital de bajo costo para pequeñas empresas

Pagseguro ofrece soluciones de pago con tarifas de transacción que van del 2.99% al 4.39% para las transacciones con tarjeta de crédito. La compañía atiende a aproximadamente 1.9 millones de comerciantes activos a partir del tercer trimestre de 2023.

Método de pago	Rango de tarifas de transacción
Tarjeta de crédito	2.99% - 4.39%
Tarjeta de débito	2.39% - 3.59%
Pagos en línea	3.49% + R $ 0.50

Procesamiento de pagos en línea y móvil simple y seguro

Pagseguro procesó R $ 143.7 mil millones en volumen de pago total durante el tercer trimestre de 2023, con 87.4 millones de usuarios registrados en total.

• Las transacciones de pago móvil aumentaron en un 23.5% año tras año
• Los usuarios de la billetera digital alcanzaron 16.2 millones en el tercer trimestre de 2023
• Valor de transacción promedio: R $ 287.60

Servicios financieros integrados para comerciantes y consumidores

La Compañía generó R $ 2.1 mil millones en ingresos netos durante los primeros nueve meses de 2023, y los servicios financieros contribuyeron al 35.7% de los ingresos totales.

Servicio financiero	Penetración de usuario
Crédito comercial	14.3% de la base de comerciantes
Banca digital	8.6% de los usuarios registrados
Cuentas por cobrar de pago	22.1% de los comerciantes

Liquidación de transacciones rápidas y capacidades de pago en tiempo real

Pagseguro ofrece tiempos de asentamiento de D+1 a d+30 Dependiendo del método de pago, con opciones de liquidación instantánea para comerciantes seleccionados.

• 95.6% de las transacciones establecidas en un plazo prometido
• Tiempo promedio de liquidación: 2.4 días
• Acuerdo instantáneo disponible para el 42.7% de los comerciantes

Productos financieros personalizados para segmentos de mercado desatendidos

Centrado en micro y pequeñas empresas en Brasil, que representa el 98.5% del panorama empresarial total.

Segmento de mercado	Tasa de penetración
Micro empresas	68.3%
Pequeñas empresas	30.2%
Comerciantes informales	12.7%

Pagseguro Digital Ltd. (PAGS) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Pagseguro ofrece una plataforma digital integral con 21.9 millones de cuentas digitales activas a partir del tercer trimestre de 2023. La plataforma permite a los usuarios administrar transacciones financieras, realizar pagos y acceder a servicios a través de interfaces móviles y web.

Característica de la plataforma	Métricas de participación del usuario
Descargas de aplicaciones móviles	8.4 millones de usuarios activos
Acceso a la plataforma web	13.5 millones de usuarios de cuentas digitales
Volumen de transacción	R $ 222.4 mil millones en 2023

Atención al cliente a través de múltiples canales digitales

Pagseguro proporciona atención al cliente multicanal con tiempos de respuesta con un promedio de 12 minutos en las plataformas digitales.

• Canal de soporte de whatsapp
• Soporte de chat en la aplicación
• Asistencia por correo electrónico
• Soporte telefónico

Recomendaciones de productos financieros personalizados

La compañía utiliza análisis de datos avanzados para generar recomendaciones de productos financieros personalizados, con el 67% de los usuarios que reciben sugerencias personalizadas basadas en el historial de transacciones.

Tipo de recomendación	Tasa de conversión
Productos de crédito	12.3% de tasa de aceptación
Sugerencias de inversión	Tasa de conversión de 8.7%

Participación comunitaria a través de herramientas digitales

Pagseguro mantiene una comunidad digital activa con 2.6 millones de seguidores en plataformas de redes sociales y foros digitales.

Programas de fidelización y sistemas de incentivos

El programa de fidelización de la compañía, Pagbank Rewards, ofrece reembolso y beneficios con 1,5 millones de participantes activos.

Métrica del programa de fidelización	Valor
Participantes activos	1.5 millones de usuarios
Reembolso promedio	1.2% Valor de transacción
Valor de redención anual	R $ 78.6 millones

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Pagseguro se descargó 24.3 millones de veces al cuarto trimestre de 2023. Los usuarios mensuales activos alcanzaron 15.7 millones en el mismo período.

Métricas de aplicaciones móviles	2023 datos
Descargas totales	24.3 millones
Usuarios activos mensuales	15.7 millones
Calificación de la tienda de aplicaciones	4.6/5

Plataforma web en línea

La plataforma web de Pagseguro procesó $ 18.2 mil millones en volumen total de transacciones durante 2023.

• La plataforma web admite más de 500,000 cuentas comerciales
• Transacciones web mensuales promedio: 42.6 millones
• La plataforma admite múltiples métodos de pago

Terminales físicos de punto de venta

Pagseguro desplegó 1,2 millones de terminales de punto de venta en Brasil en 2023.

Métricas de terminal POS	2023 datos
Terminales totales desplegados	1.2 millones
Volumen de transacción	$ 12.5 mil millones

Redes comerciales de socios

La red de socios amplió a 3.4 millones de comerciantes registrados en 2023.

• Asociaciones con las principales cadenas minoristas
• Cobertura de red en 26 estados brasileños
• Valor promedio de transacción comercial: $ 1,850

Medias sociales y plataformas de marketing digital

El marketing digital se extendió a 8.9 millones de seguidores en los canales de redes sociales en 2023.

Métricas de redes sociales	2023 datos
Total de seguidores de redes sociales	8.9 millones
Tasa de compromiso promedio	3.7%

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: segmentos de clientes

Empresas pequeñas y medianas

A partir del cuarto trimestre de 2023, Pagseguro sirve aproximadamente 1.9 millones de pequeñas y medianas empresas (PYME) en Brasil.

Característica de segmento	Número total	Penetración del mercado
Clientes de PYME activos	1,900,000	22.5% del mercado de PYME brasileño
Volumen de transacción mensual promedio	R $ 85,000	Por cliente de PYME

Micro-ferlinitos y empresarios individuales

Pagseguro se dirige a 6.8 millones de micro-feringos y empresarios individuales en Brasil.

• Total de micro-ferrases registrados: 6,800,000
• Valor de transacción mensual promedio: R $ 12,500
• Tasa de adopción de pagos digitales: 68%

Negocios de comercio electrónico

A partir de 2023, Pagseguro admite 450,000 negocios activos de comercio electrónico.

Métricas de comercio electrónico	Valor
Clientes totales de comercio electrónico	450,000
Volumen de transacciones en línea	R $ 22 mil millones anualmente

Poblaciones no bancarizadas

Pagseguro atiende a aproximadamente 35 millones de personas no bancarizadas y subancadas en Brasil.

• Usuarios totales de billetera digital: 12.5 millones
• Valor de transacción mensual promedio: R $ 750
• Tasa de inclusión financiera: 42%

Consumidores digitales en Brasil

Pagseguro se dirige a 58 millones de consumidores digitales de entre 18 y 45 años.

Segmento de consumo	Usuarios totales	Preferencia de pago digital
Consumidores digitales	58,000,000	El 76% prefiere los pagos digitales
Usuarios de pagos móviles	42,000,000	72% usa soluciones de pago móvil

Pagseguro Digital Ltd. (PAGS) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la tecnología

Para el año fiscal 2023, Pagseguro reportó tecnología y gastos de desarrollo de $ 163.4 millones.

Categoría de costos	Cantidad (USD)
Desarrollo de software	$ 87.2 millones
Infraestructura en la nube	$ 42.6 millones
Ciberseguridad	$ 33.6 millones

Marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 98.7 millones.

• Gasto publicitario digital: $ 45.3 millones
• Marketing de rendimiento: $ 32.4 millones
• Campañas de concientización de marca: $ 21.0 millones

Tarifas de procesamiento de redes y transacciones de pago

Los costos de procesamiento de transacciones para 2023 fueron de $ 212.5 millones.

Tipo de tarifa	Cantidad (USD)
Tarifas de intercambio	$ 124.6 millones
Tarifas de procesamiento de red	$ 87.9 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D en 2023 ascendieron a $ 76.2 millones.

• Innovación Fintech: $ 42.5 millones
• Tecnología de pago: $ 33.7 millones

Gastos de atención al cliente e infraestructura

La atención al cliente total y los costos de infraestructura para 2023 fueron de $ 55.8 millones.

Componente de infraestructura	Cantidad (USD)
Operaciones del centro de llamadas	$ 24.3 millones
Infraestructura física	$ 18.5 millones
Plataformas de soporte digital	$ 13.0 millones

Pagseguro Digital Ltd. (PAGS) - Modelo de negocios: flujos de ingresos

Tarifas de procesamiento de transacciones

En el tercer trimestre de 2023, Pagseguro reportó tarifas de procesamiento de transacciones de 2.39% en promedio para transacciones de crédito y 1.99% para transacciones de débito.

Tipo de transacción	Porcentaje de tarifas	Ingresos anuales (2022)
Transacciones de tarjeta de crédito	2.39%	$ 487.6 millones
Transacciones de tarjetas de débito	1.99%	$ 312.3 millones

Cargos de servicio de pasarela de pago

Pagseguro cobra entre 0.5% a 2.99% por servicios de pasarela de pago dependiendo del volumen de transacción y el tipo de comerciante.

• Pequeños comerciantes: 2.99% por transacción
• Comerciantes medianos: 2.49% por transacción
• Grandes comerciantes: 1.99% por transacción

Tarifas de banca digital y productos financieros

Las tarifas de mantenimiento de la cuenta digital en 2023 fueron de aproximadamente R $ 9.90 por mes, generando $ 45.6 millones en ingresos anuales.

Servicios de crédito y préstamo

La cartera de crédito total alcanzó R $ 3.2 mil millones en el tercer trimestre de 2023, con una tasa de interés promedio de 35.7% anual.

Producto de préstamo	Cartera total	Tasa de interés promedio
Préstamos personales	R $ 1.4 mil millones	39.5%
Préstamos comerciales	R $ 1.8 mil millones	32.9%

Ofertas de servicios financieros de valor agregado

Las fuentes de ingresos adicionales incluyen:

• Comisión de ventas de seguros: $ 22.3 millones en 2022
• Tarifas de transacción de billetera digital: $ 67.5 millones en 2022
• API Integration Services: $ 15.6 millones en 2022

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Value Propositions

You're looking at the core value PagSeguro Digital Ltd. delivers across its ecosystem, which is built on integrating payments and banking for Brazilian micro-merchants and individuals. Honestly, the numbers from the third quarter of 2025 really show where the focus is right now.

End-to-end digital banking and payments ecosystem

PagSeguro Digital Ltd., operating under the PagBank brand, provides a complete digital platform covering payments, financial services, and integrated software. The company acts as an acquirer with a widely accepted network, an issuer of various cards, and a full-service digital bank. In the third quarter of 2025, consolidated revenues grew 14% year-over-year, reaching BRL 3.4 billion. The banking segment is a major growth driver, with revenues up 50.2% year-over-year in Q3 2025. Total Payment Volume (TPV) for Q3 2025 was R$129.8 billion.

The breadth of this ecosystem is clear when you look at the client base metrics as of the end of Q3 2025:

• Total Clients reached 33.7 million, up 5.1% year-over-year.
• Total Active Clients stood at 17.8 million, remaining stable year-over-year.
• Banking Only clients accounted for 66% of Total Active Clients.

Financial inclusion for micro-merchants and individuals

The mission centers on democratizing financial services, which means reaching the underpenetrated segments. While the focus is on deeper engagement, the scale is still massive. As of Q3 2025, PagSeguro Digital Ltd. served 6.3 million active merchants. The company offers access to financial tools for individual entrepreneurs, micro-merchants, and small to medium-sized companies in Brazil.

Here is a snapshot of the scale and growth in client engagement:

Metric (as of Q3 2025)	Value	Comparison
Total Clients	33.7 million	+5.1% year-over-year
Active Merchants	6.3 million	-2.4% year-over-year
Cash-In (inflows not related to acquiring)	N/A	+13.7% year-over-year

Working capital loans and credit products for merchants

A key value driver is providing credit to help merchants manage their cash flow. The credit portfolio is expanding aggressively, supported by disciplined risk management. The Credit Portfolio reached R$ 4.2 billion in Q3 2025, marking a +29.9% increase compared to Q3 2024. This growth is partly due to the acceleration of unsecured offerings, which saw an increase of +116% quarter-over-quarter. The company has a long-term goal to grow the credit portfolio to R$ 25 billion by the end of 2029.

Free digital account with payment acceptance features

PagSeguro Digital Ltd. provides an easy, safe, and hassle-free way to own a free digital account, similar to a regular checking account linked to the Brazilian Central Bank's platform, which includes the feature of accepting payments. This account allows clients to transact and manage their cash without needing a traditional bank account. In Q1 2025, banking revenue hit a record of BRL 1 billion, with the banking gross profit margin rising to 70%.

Instant settlement in payments for better cash flow

The instant settlement feature is integrated into the acquiring side to facilitate merchants' prepayments, directly impacting their working capital. In the second quarter of 2025, financial operations linked to merchants' prepayments, facilitated by this instant settlement feature, contributed to the expanded credit portfolio growing 11% in the last twelve months. This feature helps merchants access funds faster, which is critical for daily operations.

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Customer Relationships

You're looking at how PagSeguro Digital Ltd. keeps its massive user base engaged and growing its wallet share. The core of their relationship strategy centers on a highly integrated digital ecosystem, pushing customers from basic payment acceptance into a full suite of financial products.

Digital and automated self-service via PagBank app

The relationship is fundamentally digital and mobile-first, which is how PagSeguro Digital Ltd. manages its scale. The PagBank app serves as the primary interface for daily transactions and service management. This digital-first approach supports a large and growing base, with 33.7 million Total Clients as of the end of Q3 2025. A significant portion of this base is deeply embedded in the banking side, as Banking Only clients accounted for 66% of the 17.8 million Total Active Clients in Q3 2025. This suggests high reliance on automated, in-app service delivery for routine needs.

Cross-selling of credit and investment products

The strategy heavily relies on deepening the relationship through cross-selling, moving customers up the value chain from payments to banking and lending. This is evident in the growth of the credit portfolio and the stated focus on investment and insurance penetration. The Credit Portfolio grew to R$ 4.2 billion in Q3 2025, a 29.9% year-over-year increase. Furthermore, unsecured offerings, like working capital lines for merchants, saw significant acceleration, growing 116% quarter-over-quarter. The ecosystem also includes an Investment platform and Insurance distribution, which contribute to stronger client engagement.

Dedicated support for higher-value, accretive clients

While the base is served digitally, the structure implies a tiered service model to nurture the most valuable relationships. Higher-value clients, likely those utilizing credit or holding significant deposits, are the focus for accretive cross-profit. The growth in Cash-In per client supports this focus; Cash-in per client rose 11.4% year-over-year to R$ 5.5 thousand in Q3 2025. You can bet the clients hitting that higher per-client metric get a different level of attention than the average user.

High customer engagement driving BRL 95 billion cash-in (Q3 2025)

Customer engagement translates directly into platform transactionality, measured by Cash-In volumes. In Q3 2025, Cash-In reached R$ 95.4 billion, marking a 13.7% year-over-year increase. This robust inflow is explicitly driven by transaction volumes, client engagement improvements, and the expansion of the Banking Only client base. This number is the clearest indicator of the success of their integrated ecosystem in capturing the financial flow of their users.

Here are the key customer base metrics from the end of Q3 2025:

Metric	Value	Context/Growth
Total Clients	33.7 million	5.1% increase compared to Q3 2024
Total Active Clients	17.8 million	53% of Total Client base
Cash-In Volume	R$ 95.4 billion	+13.7% year-over-year
Cash-In Per Client	R$ 5.5 thousand	+11.4% year-over-year
Credit Portfolio	R$ 4.2 billion	+29.9% year-over-year

The relationship strategy is built on a few key pillars that drive stickiness:

• Building a free digital account similar to a checking account.
• Offering an end-to-end digital banking ecosystem.
• Sustained high penetration of investment and insurance products.
• Focus on becoming the primary financial interface for businesses and individuals.

If onboarding for new credit products takes longer than expected, churn risk rises for those higher-value segments.

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Channels

You're looking at how PagSeguro Digital Ltd. gets its services-from the POS terminal in a small shop to the digital account in a customer's pocket-out to the market. It's a multi-pronged approach, blending physical hardware with a massive digital footprint. Here's the data on how they reach their customers as of late 2025.

PagBank mobile application (Super App)

The PagBank mobile application acts as the central hub, driving engagement across the entire ecosystem. This channel is clearly winning the volume game, given the growth in banking metrics.

• Total Clients reached 33.7 million at the end of the third quarter of 2025.
• Total Active Clients stood at 17.8 million as of Q3 2025.
• Banking Only clients now represent 66% of the Total Active Client base in Q3 2025.
• Active Banking Clients grew 1.0% year-over-year in Q3 2025.
• The base of Banking Only clients increased by +2.0% year-over-year in Q3 2025.

The sheer scale of the banking user base is what fuels the ecosystem's overall transactionality, with Cash-In hitting R$ 95.4 billion in Q3 2025, a +13.7% increase year-over-year. That's a lot of money moving through their digital doors.

Point-of-Sale (POS) devices (Moderninha)

The physical point-of-sale hardware, branded under the Moderninha family, remains a core channel for in-person acquiring. While the merchant base is being strategically managed, the devices themselves are getting more feature-rich.

Here's a snapshot of the acquiring footprint and device capabilities as of mid-to-late 2025:

Metric	Value (Q3 2025 or latest available)	Context/Detail
Active Merchants	6.3 million	A decrease of -2.4% compared to Q3 2024, reflecting strategy focus.
Total Payment Volume (TPV)	R$130 billion	Stable sequentially in Q3 2025.
TPV per Merchant	R$20.7 thousand	Reported for Q2 2025, up +7.7% vs. Q2 2024.
Moderninha Smart 2 Installment Option	Up to 18 times	A key feature for merchant sales flexibility.
Device Warranty (e.g., Smart 2, Pro 2)	5 years	Standard offering across premium models.

PagSeguro Digital Ltd. has a portfolio of devices, including the Moderninha Smart 2, which integrates a native POS system via the PagVendas app for inventory and ticketing, and the Moderninha Pro 2, which offers receipt printing.

Online/E-commerce platform integrations

The digital channel extends beyond the app to merchant-facing e-commerce tools. PagSeguro Digital Ltd. is positioned as an acquirer supporting online and cross-border payments.

• The ecosystem supports online sales via Link de Pagamento (Payment Link) and Checkout solutions.
• The Moderninha Smart 2 can generate a boleto (bank slip) for online payments directly on the device.
• The company acts as an issuer of debit, credit, and prepaid cards, which are accepted across these online channels.

Net revenues, excluding interchange fees, grew 18% year-over-year in Q2 2025, showing the success of repricing efforts across the acquiring side, which includes these online transaction methods.

Direct sales and distribution network for POS hardware

The distribution relies on making the hardware accessible, often directly through digital channels, emphasizing no rental fees, which was a pioneering move dating back to around 2013.

The company was offering five distinct card machine models as of early 2025, ranging from the entry-level Minizinha NFC 2 (which requires a cell phone) to the feature-rich Moderninha Smart 2. The pricing structure for hardware, like the Moderninha Pro 2, was listed around R$107 with a coupon in one context, making the upfront cost low for merchants starting out.

The instant receipt of sales funds, including weekends and holidays, is a critical distribution incentive, tying the hardware channel directly to the PagBank digital account.

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Customer Segments

You're looking at the core of PagSeguro Digital Ltd.'s business-who they serve. As of late 2025, their customer base is clearly segmented across the merchant spectrum and into individual banking clients. This structure supports their integrated payments and banking strategy.

The total active client base, which includes those using payments or banking services with at least one transaction in the last twelve months or a balance on the last day of the last month, stood at 17.8 million in the third quarter of 2025. The broader total client base reached 33.7 million by the end of Q3 2025.

The merchant side saw a reclassification in early 2025 to better reflect business dynamics. Merchants are now grouped based on their Total Payment Volume (TPV) in Reais (R$).

• Micro-merchants (TPV up to R$15k/month)
• Small and Medium-sized Businesses (MSMBs) - now defined as TPV up to R$ 3 million/month
• Large Retail Merchants (TPV above R$ 3 million/month), which is grouped with online/e-commerce merchants in the Large Retail and Online segment
• Consumers/Individuals (17.8 million active clients)

The overall payments TPV in the third quarter of 2025 was R$ 130 billion. The segment driving portfolio expansion is clearly the smaller end of the merchant base; the expanded portfolio, including merchant prepayments, reached R$ 49.4 billion, growing 11.8% year-over-year, primarily driven by the core micro-merchants and MSMB segment.

Here is a breakdown of the merchant segments using the latest reported data points:

Customer Segment Classification	Defining TPV Metric (Monthly)	Recent Performance Data Point
Micro-merchants (Sub-segment of MSMBs)	Up to R$15k	Part of the MSMB segment driving R$ 49.4 billion portfolio growth
Small and Medium-sized Businesses (MSMBs)	Up to R$ 3 million	MSMB segment supported portfolio growth in Q3 2025
Large Retail Merchants (Part of Large Retail & Online)	Above R$ 3 million	Large retail and online segment grew 10% year-over-year in Q2 2025
Consumers/Individuals	N/A (Banking/Digital Account Holders)	17.8 million active clients as of Q3 2025

The focus on the MSMB space remains central to PagSeguro Digital Ltd.'s strategy, even with the reclassification. You see this focus reflected in the banking-only client growth, which supported the active client base. Banking Only clients accounted for 66% of Total Active Clients in Q3 2025.

The company ended Q3 2025 with 6.3 million active merchants, a slight decrease of 2.4% compared to Q3 2024, but stable quarter-over-quarter. This stability, despite the macroeconomic environment, suggests success in retaining the higher-value merchants while potentially shedding the smallest, least profitable ones, which aligns with the strategy of focusing on medium and large enterprises mentioned in late 2024 reports.

Finance: draft a sensitivity analysis on the R$15k/month micro-merchant churn rate for next week.

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive PagSeguro Digital Ltd.'s operational expenses as of late 2025. It's all about managing the cost of money and technology in this market.

Financial costs due to sustained high interest rates

The cost of funding and financial expenses remains a major headwind, directly tied to the high Brazilian Basic Interest Rate (SELIC). Management noted that elevated financial costs were a key reason for revising gross profit growth guidance downward for the full year.

• Financial Cost in Q3 2025 totaled R$ 1,395 million.
• This represented a year-over-year increase of +44.6% in Q3 2025.
• Financial costs also rose 48% in Q2 2025.
• The company is actively working on funding initiatives to diversify sources and reduce interest expenses.

Interchange fees paid to card issuers

Interchange and card scheme fees are the largest component of transaction costs. PagSeguro Digital Ltd. has been actively offsetting these with repricing strategies.

• Total Revenue and Income, net of interchange fees, reached R$ 3,411 million in Q3 2025.
• Total net revenue, excluding interchange and card scheme fees, was BRL 3.4 billion in Q3 2025, a 14% increase year-over-year.
• The majority of transaction costs are related to interchange and scheme fees.

Technology development and platform maintenance costs

Keeping the end-to-end digital banking ecosystem running requires significant, ongoing investment in technology. The company capitalizes certain development expenses, which are then amortized.

Cost Component/Metric	Value (R$ Million)	Period/Note
Expenditure on software and technology (including salaries)	R$983.0	2023
Amortization Period for Capitalized Platform Development Expenses	Approximately five years	General Policy
Contractual Obligation to Acquire POS Devices	R$417,064	As of December 31, 2024

POS device acquisition and distribution expenses

While PagSeguro Digital Ltd. disrupted the market by favoring the sale of POS devices over renting, there are still associated capital obligations and lease liabilities to account for.

• Lease liability for POS devices (Non-current) as of December 31, 2024, was R$71,955 million.
• Lease liability for POS devices (Current) as of December 31, 2024, was R$15,506 million.
• The company pioneered a business model based on the sales of POS vs renting.

Personnel costs, managed by consistent cost discipline

Personnel expenses are actively managed, leading to year-over-year reductions, reflecting a focus on a leaner organization structure and cost discipline.

• GAAP personnel expenses in Q3 2025 were R$ 310 million.
• This represented a decrease of -16.9% year-over-year in Q3 2025.
• The reduction was driven by lower Long-Term Incentive Plan (LTIP) expenses and headcount optimization efforts.
• Products and engineering personnel accounted for 44.31% of total headcount as of December 31, 2023.

Finance: draft 13-week cash view by Friday.

PagSeguro Digital Ltd. (PAGS) - Canvas Business Model: Revenue Streams

You're looking at how PagSeguro Digital Ltd. actually brings in the money, which is key for any valuation model you're building. Honestly, it's a dual engine: payments processing and the growing financial services arm.

The top-line number for the third quarter of 2025 shows the overall picture. Total net revenue, excluding interchange fees and card scheme fees, hit BRL 3,411 million, which is a 14.4% increase versus the third quarter of 2024. This growth reflects the success of their disciplined repricing strategy across both acquiring and banking operations.

Here's a breakdown of where that revenue came from in Q3 2025. The core payments business, which is where you see the Merchant Discount Rate (MDR) impact, brought in BRL 2.7 billion net of interchange fees. This is the bread-and-butter transaction fee revenue stream.

The banking segment is the real story of acceleration. Banking revenue reached BRL 744 million in the quarter, marking a strong year-over-year growth of 50%. This growth is driven by a few things, primarily the expansion of their credit portfolio and higher monetization from account activity.

To give you a clearer look at the components driving these streams, check out this snapshot from Q3 2025:

Revenue Component	Q3 2025 Amount (BRL million)	Year-over-Year Change
Total Net Revenue (ex-Interchange)	3,411	+14.4%
Payments Revenue (MDR/Acquiring)	2,700 (approx. from BRL 2.7 billion)	Implied by Total Net Revenue growth
Banking Revenue	744	50% (as per outline, 50.2% in source)

The financial income component, which stems from the credit portfolio, is clearly a major lever for the Banking segment's revenue growth. The credit portfolio itself expanded significantly, growing 29.9% higher than Q3 2024, reaching R$ 4.2 billion in Q3 2025. Remember, this portfolio is still heavily weighted toward secured products at 84.0%.

When you look at the specific services contributing to the Banking revenue, it's more than just lending interest. You should track these specific revenue drivers:

• Interest income from the credit portfolio.
• Interest income from the PagBank account float.
• Fees, mostly from cards interchange and account service fees.
• Other Financial Income.

The overall Net Revenue (ex-interchange) of BRL 3.4 billion for Q3 2025 is the figure you need to anchor your modeling on for that period. Also, keep an eye on the banking segment's contribution, which grew to BRL 744 million. That 50% YoY growth is defintely a key trend to watch for near-term revenue mix shifts.

Finance: draft the next 13-week cash flow projection by Friday, focusing on the interest rate impact on the credit portfolio's Net Interest Margin.