If it is hit by more sanctions of the law magnitsky, the minister of (Supreme Federal Court), may have only one card alternative: the Elo flag.
The only Brazilian card flag, Elo is the result of a partnership between, and Caixa that was born in 2011. A brand card was offered to Moraes by the bank that blocked its American flags.
According to data from 2024, there are 41 million Elo -accepted Elo cards accepted in 11 million establishments and issued by 37 institutions, such as Alelo, BV, Palmeiras Pay, Pernambucanas, Banco Pan, and controllers.
With a national link card, the minister would be immune to the sanctions of American law, which prevents American companies from serving those punished by.
“If the operation is all national, without any element of international connection, including the US jurisdiction, in theory, there should be no restriction, subjecting to local rules,” says Fabio Braga, partner of the Demarest bank and financial law.
However, if the card in question is issued by an institution with acting on us, there may be punishment to the issuing bank.
“We are sailing for an unknown sea. We do not know how far sanctions can go and the situation can climb. But, as the Brazilian is less exposed, which does not mean exempt,” says Ricardo Botelho, partner at Marchini office, Botelho, Caselta and Della Valle Advogados.
The link was not the only Brazilian flag until recently. The country also featured Hipercard, focused on supermarket chains. After passing through Walmart Brasil, Carrefour Brasil and Itaú Unibanco, the brand was acquired in 2020 by the American Mastercard, which removed all market cards in July 2025.
Hipercard emerged in 1969, with the release of the Bompreço Group loyalty card in Recife. After becoming popular in the Northeast, the flag passed to Walmart along with the Bompreço Network in 2004. In the transaction, Unibanco took over all emission, acquiring and flag of Hipercard operations.
To operate abroad, Elo has international card lines in partnership with the American Diners Club.
Sought, Elo said it would not comment.
On its website, the flag defines itself as “a 100% Brazilian company, agile and flexible to meet the needs of those who use our products. We do it through a wide network of cardholders, commercial establishments, accreditors and broadcasters.”
ELO offers debit, credit, prepaid and specialized cards, customized solutions, fraud tokenization and prevention platforms, QR Code and NFC payments and business consulting for your customers.
In 2023, the brand repositioned itself as “the Brazilian card”. This year, it started a campaign called “Extraordinary Brazilians “, starring designer Sasha Meneghel, chef and host Bela Gil and conductor João Carlos Martins.
“The choice of these personalities reflects brand values and our strategic vision of generating positive impact through emotion and purpose,” said Mel Pedroso, Elo Marketing Director at the campaign’s launch in May.
According to the flag, the company bets on Brazilianness as a source of connection. “Elo is proud to be a Brazilian company and to value our culture and our art – because what is here is worth a lot.”
