Brazil's new minimum capital framework for payment institutions entered its first phase on July 1, 2026. Under BCB Joint Resolution 14, a prepaid payment institution offering PIX must now hold R$17.4 million in minimum capital. The previous minimum was R$2 million regardless of services offered. Institutions that do not offer PIX face a lower R$12.4 million threshold under the new regime. The requirement phases in at 25% of the gap from July 2026, reaching 50% in January 2027 and full enforcement by January 2028.
The central bank estimates 679 of 1,751 authorized institutions could fall below the new requirements at full enforcement. The combined capital shortfall across all exposed firms totals R$8 billion. Peer-to-peer lenders are the most affected, with 92% falling below the threshold. Among payment institutions, 63% are exposed. Full-service banks are largely insulated, with only 5% below the new minimums.
Joint Resolution 14 ties minimum capital to the activities a firm performs rather than its license category. BCB has indicated it expects the new framework to drive consolidation among smaller firms unable to raise the additional capital.